Last week I wrote a guest slot in another publication and mentioned a stock that had emerged from one of my filters.
The stock was PEIX. I actually wrote the article on 7th November and it was published on 10th November. On the 7th I also wrote you an email but omitted this stock because it isn’t optionable and it’s very low priced. That has turned out to be something of a mistake and I apologise for the omission. As you can see, the pattern is a stunning shallow bowl with a flag at the end of it for good measure. This is as good as it gets and this particular stock has good news around it too.
Here’s a clearer shot of what I was seeing on that day where I was suggesting a trade on the breakout of $0.80:
And here’s where it was in the middle of today:
At one point during today it reached $1.85, more than doubling since its breakout from $0.80. Before you get too frustrated though, here’s what happened at the end of the day – the stock closed at $1.39, only just above its open.
