[WEAK BEARISH]: Pennon buyers are becoming less eager.There has been 3 consecutive days of range decrease for PNN reducing strength to an uptrend in the first timeframe. The biggest price range this month has been $69.6000 & the greatest daily price range this year has been $317.6000. The price range ratio this week versus the quarterly price range is 1x & the price range ratio this month versus the year to date price range is 0.2x.
The range of the bar gives important information about the strength of weakness of a trend. If buyers are very committed they will be keen to buy and will tend to bid the price up even in the face of some selling pressure. Price will quickly & easily move upward and the move will tend to be significant. As such expanding ranges indicate the either buyers or sellers becoming more committed. Alternatively once the range begins to contract the side in control are losing commitment.
[Calculation] Range Today Versus Range Yesterday (RTRY):
1) Expanding ranges on the upside indicates that buyers are increasingly eager;
2) Expanding ranges on the downside indicates that sellers are increasingly eager;
3) Contracting ranges on the upside indicates that buyers are becoming less eager;
4) Contracting ranges on the downside indicates that sellers are becoming less eager;
Range Today Versus Range YesterdayDownload
|Company||Close||Close Change (%)||Volume||Value||Signal|
|NOG Nostrum Oil & Gas||188||5.6||250,757||0||NEUTRAL|
|DLAR De La Rue||531||4.9||1,226,393||0||NEUTRAL|
|OXIG Oxford Instruments||996||2.6||48,242||0||NEUTRAL|