Protagenic Therapeutics Inc. (PTIX)

[Dr PennyStock]

ATRN annotated weekly chart including support and resistances.


Very important to understand how to read charts: previous supports become resistances, and, previous resistances become supports.


Supports and positive points are signaled with green, resistances and negative points are signaled with red.


Supports: .008 [ LOD(Low Of the Day) on Friday, horizontal dashed green line, dashed because still needs confirmation, for now is only a possible bottom. ]


Resistances: .0215(PAR SAR on the daily chart), .08(previous support and resistance, can only be seen on the daily chart), and, .26(the horizontal red line).


Positive points: The long black candle with extremely high volume, and, the close near the LOD, suggest panic sell, in my opinion, this is a capitulation(read the definition of capitulation below), if I am right, the stock will run next week, also, the ADX line is falling, and, the -DI and +DI lines crossed it to the up side, it means the down trend is losing strength, if the +DI crosses the -DI to the up side, it will generate a buy signal. I already said it many times, this stock will run to somewhere between .08 and .26, 1,000% - 3,100% from here.


Negative points: Dilution maybe still not done, but, as you can read in the chart, the stock has traded 43M shares over the A/S, so I think it may be done, also the close on Friday suggest panic sell, when the longs give up.


Capitulation definition: A phenomenon in which investors "give up", and are willing to sell a declining stock at almost any price in order to exit their long positions. True capitulation involves very high volume and a sharp decline as panic sell occurs. Capitulation is often followed by a change in the direction of the trend.