What a great week for PNWIF. If you didn’t act after last weekend’s BLOG, you can’t say you didn’t have the information. In fact, you had information few had in the market. It wasn’t because we had any “inside information”. We simply had the good fortune to get a little detective work done on our behalf.
Kmart became a client. You knew, I knew it, but the rest of the market just started catching on about Tuesday. You had all day Monday in the $2.50 to $2.60 range. Today’s close: $3.19. Net move on the week: 22.6% and a new multi year high. Very exciting.
Here’s the chart:
They say persistance breaks down resistance. It took three tries at the $2.80 level to break down the resistance in PNWIF. The break down of the resistance led to a break out in the stock.
Since the stock hasn’t traded this high since 2003, it’s really tough to say how far it will run on this surge. Remember, my short term target price on this stock was $4.00 all along ($.40 from the pre reverse split price).
This is an example of a reverse split that is working. They aren’t all bad. This company was done raising money and ready for institutional support. Their timing was perfect.
I started with this one back in August at $1.80. I would use caution on opening any new positions, but the stock could just keep clipping up the charts for all I know.
This turned about to be a huge winner over this short period of time. Comments and questions are welcome.