March 1, 2013
I added a new dividend paying stock to my portfolio today. I purchased shares of Pengrowth Energy Corp. at $4.51.
This stock has been on my watchlist for some time. I watched it for months, and I like that it looks like the decline may have ended. Look at the higher and higher volume as the stock declined. Th highest volume came on February 26th, which looks like a final V bottom on high volume. In addition, the stock formed a hammer on that date. I look at the high volume and gap up today as a confirmation sign of a bottom.
Stop-loss order is at 4.20. The stock should head higher. If it falls back below today’s low, then it will likely test the lows below 4.00.
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