Looks like we have already forgotten about PNX. Current price movement is contained in a rectangle formation. This has been going on for a while now after we saw some rallies last month following the declaration of the 30% dividend. With date still not available, this may trade at its current range.
Currently our price is at its support and I am speculating it might move up to its resistance level. Good time to add before the breakout?
A Rectangle is a continuation pattern that forms as a trading range during a pause in the trend. Rectangles are sometimes referred to as trading ranges, consolidation zones or congestion areas. The direction of the next significant move can only be determined after the breakout has occurred.