Pan Australian resources (ASX:PNA) is a growing mining exploration and development company that has assets in Laos and Thailand.
The stock has experienced a bullish trend starting in September 2006. The price at this time was $0.25. It peaked in last April when a high was posted at $1.25. It climbed by 400% in roughly 20 months. The price action has corrected between April and last week, where it retraced 61.8% of the initial rise.
It has been hammered by the current downturn on the equity markets, as well as a lot of stocks that reach their low points or support levels. However there are always performing stocks in bearish markets, and there are a lot of opportunities for technical rebounds. PNA is likely to be one of those stocks.
Why is that?
