Protagenic Therapeutics Inc. (PTIX)

[Dr PennyStock]

ATRN annotated charts 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: .015(the upper horizontal dashed green line, and also the ascending green trend line), .012(the lower horizontal dashed green line), .0085(the PAR SAR), and finally .008(the horizontal green line).


Resistances: .03(top of the first leg of the run, and, previous resistance, the lower horizontal dashed red line), .045(previous support and resistance point, the middle horizontal dashed red line), .08(previous support and resistance point, the upper horizontal dashed red line), and, .26(previous support, now resistance, the horizontal red line).


Positive points:

- The RSI is turning up, still oversold, with much room to run, I think that a run to .26 will put the RSI around 70, and, the top of the overbought zone is 90, so take your own conclusions.

- The lines of the MACD are still under 0, still lots of room to run, the MACD is at .038 right now, until .20 - .30, more than the necessary to a run to .26.

- The ADX is still at 9.58, to touch the overbought zone, at 50 - 60, it is needed a run to .50, more or less, so again still much room to the run to .26.

- The stock is now trending up, that ascending green trend line is now the support of the stock, as you can see, a run to .08 is very easy, and a spike to .26 also not impossible, on a stock that has fallen from 2.50 to .008 in two months.

- Looking to the volume, we can see that this stock was heavily shorted in the latest days/weeks, only that green day with 105M shares was higher than the entire A/S, the latest week's volume was 257M shares, almost the triple of the entire A/S, the shorts will need to cover, causing a short squeeze, and, a short squeeze could easily drive this stock to .26.

- When I analyze the weekly chart, the run to .26 is even more obvious, the RSI is still oversold, the MACD stopped the down trend, and, is still negative LOL, the +DI is still under the -DI, at 26, still room to double, the volume is awesome, with much higher volume on the white candle, it means the big money is buying, over $4,000,000 were traded only in the last week, and, finally the close was above the middle of the candle, the pull back to .015 was very healthy, and, the stock is now ready to continue the run to .08 - .26, the 3,100% possible run I called right at the bottom last week.


Negative points: Technically I do not see any negative points at this time, all the indicators are pointing up, in both charts.


Daily Chart




Weekly chart




The weekly chart I posted last week, where I predicted a capitulation and a bounce this week, I was 100% right, see here: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=70440282



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