What! - Pendragon Again?

OK, OK - But take a look at this (Pendragon up 8.93% today)!

Pendragon (LSE: PDG) closed today at 15.25p (up 1.25p or 8.93%). So what's got me off my backside to miss tonight's Olympics? Well,have a look for yourselves...

It's this bullish reversal pattern (yellow arrow on graph), with its base on the sloping support line (magenta colour) and the high volume today. In my opinion, this could herald the start of another upward move - following the interim results released on Tuesday 7th August.

It's worth reminding ourselves of the long-term shareprice graph (see below)...

From this, you can see the resistance line, connecting the lower highs, and the lateral breakout that I referred to in my Live TV Broadcast on 7th August. There looks to be a support line developing which, if it remains intact, bodes well for the future of PDG in the DIY-Investors portfolio.

As usual, DYOR and I recommend that this includes you reading the Interim Results and the Analysts Presentation (7th August 2012).

Mick.

DIY-Investors - You're Keeping Me On My Toes!

My thanks to Simon & Mike for getting back to me so quickly, following the DIY-Investors Live TV Broadcast last night. The reason...

I dropped a "Clanger" (albeit a small one) - hopefully proving that I am fallible (and human - or so my Martian friends say). The item in question was the "Pendragon Breakout", wherein I stated that the results were due out on 23rd August 2012 (based on last year's timing - and as carried on Sharescope). This highlights an interesting fact, that Companies lower down the FTSE (and I believe on AIM as well) are not obliged to tell us in advance the date that they intend to release their results. The net effect - I got caught out! Oh well, that'll teach me to not check for announcements, on the day when I'm busy preparing for the TV Show.

So, do the Pendragon Interim Results change my view on anything?

Mike W. pointed me in the direction of a comment, contained within the interims, regarding the cashflow statement. The preamble (page 14 of the interims) stated:

My reading of this...

A slight 'slap on the wrist' by the Financial Reporting Review Panel, which doesn't change the net cash flows (or opening and closing cash positions). In summary, it doesn't change my observations that PDG seems to be turning around (recovering).

My apologies to viewers on behalf of my oversight but I hope you'll agree (particularly if you read the interims) that Pendragon deserves consideration as a recovery stock.

Mick (10.30am, Wednesday 8th August 2012)