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[sharechat] PNA Looking good?

From: Phaedrus <>
Date: Wed, 2 Jun 2004 21:45:10 -0700 (PDT)

 PNA may be the buy of the century. It may offer financial security in the 
event of global war. It may present a wonderful opportunity to profit from a 
nuclear holocaust. Technically, though, it is not a buy at the moment. 

 What we are looking for here is evidence of Buying pressure. This is marked by 
rising prices on rising volume. Large volumes on Down days denote Selling 
pressure. Days on which the price is unchanged mark uncertainty and indecision 
in the market, whatever the volume. To gauge buying pressure we look at volume 
on the Up days as plotted on the chart below. (The chart includes todays price 
as at 4.30pm - the Close could be different to the 16.5 cents marked)

 Lazy Haggis' claim of the PNA "share price increasing on increasing volume" is 
nonsense and seems to be based on little more than two consecutive up-days, 
specifically :-
25/5/04     Price unchanged at 16 cents      Volume 3,501,044
26/5/04     Price rose 1 cent to 17 cents    Volume 1,349,894
27/5/04     Price rose 0.5 cent to 17.5      Volume   937,635
This is a rise on FALLING volume. This usually denotes weakness, and that would 
seem to be the case here.

 Regardless of timeframe (6 months, 6 weeks, 6 days) volumes on Updays have 
been falling. There is no evidence of Buying pressure and PNA remains in the 
downtrend it has been in since it peaked on 10/12/03.

A "classic technical buy"? I think not.

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