Followers | 2228 |
Posts | 20721 |
Boards Moderated | 0 |
Alias Born | 04/13/2006 |
Friday, January 06, 2012 10:04:22 AM
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.
Daily chart
Any questions, please post on my IHUB board here: http://investorshub.advfn.com/boards/board.aspx?board_id=20573
Cheers
Dr Pennystock
Recent PTIX News
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 07:29:52 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/15/2023 08:50:02 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/29/2023 10:18:27 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/14/2023 09:02:39 PM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 11/02/2023 08:29:05 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/13/2023 04:48:45 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/14/2023 07:29:32 PM
Avant Technologies Engages Wired4Tech to Evaluate the Performance of Next Generation AI Server Technology • AVAI • May 23, 2024 8:00 AM
Branded Legacy, Inc. Unveils Collaboration with Celebrity Tattoo Artist Kat Tat for New Tattoo Aftercare Product • BLEG • May 22, 2024 8:30 AM
"Defo's Morning Briefing" Set to Debut for "GreenliteTV" • GRNL • May 21, 2024 2:28 PM
North Bay Resources Announces 50/50 JV at Fran Gold Project, British Columbia; Initiates NI 43-101 Resources Estimate and Bulk Sample • NBRI • May 21, 2024 9:07 AM
Greenlite Ventures Inks Deal to Acquire No Limit Technology • GRNL • May 17, 2024 3:00 PM
Music Licensing, Inc. (OTC: SONG) Subsidiary Pro Music Rights Secures Final Judgment of $114,081.30 USD, Demonstrating Strength of Licensing Agreements • SONGD • May 17, 2024 11:00 AM