PGF, Pengrowth update;

See also previous blogs from June.

pgf jan 29 2013 bpgf jan 29 2013 s

We were getting interested in this stock when it was trading around $6 and here we are at $4.50 , or so. Two counts present themselves. The one in black requires a large wave down and the one in beige a double zig-zag. Given how close we are to the bottom no other alternatives are readily availabe. We prefer the double zig-zag, the one in beige. All trend lines come together where the cross is , about $4, which also coincides with a possible 4th wave of previous degree. The stock yields about 11% and it used to be one of the most desired income trusts. On balance a buy.