Since my last call on Pinetree Capital (see November 1st newsletter) it has posted a double and has now formed a Bullish Pennant on its daily chart. Indicators have come back to the oversold area and I think its ready to turn around. Perhaps wait a few more days as it gets closer to the apex of the pennant to gauge its direction.

An entry around $3.60 would be nice and volume has certainly been with it lately. You stop loss should be around the $3.25 range. First target would be to re-challenge its 52 week high at for gains of $4.17 for gains of 15.8%. As right now its holding the 61.8% FIB line, I would make the high target on this call at the first FIB extension at $4.76 for high gains of 32.2%.

http://us1.campaign-archive1.com/?u=4d6d491aea8e01d93d8a1f390&id=e6fd99c30b#PNP