Tonix Pharmaceuticals Holding Corp (TNXP)

[blackdeath]

TNXP TA thoughts 7/17/15 - Update

Since there is a significant movement today, I thought I would provide a quick update. As I have said yesterday, this stock is on radar of lots of traders, and therefore, volatility should be expected. TNXP closed very strong today with ‘form 4’ news.
For those, who missed my analysis from yesterday, here is the link:
TNXP TA thoughts 7/16/15

General Updates:
a) The bulls continue to dominate on 30 minutes and hourly chart.
b) This stock likes being in overbought/oversold levels for extended time as we have noted from past. I am not much worried looking at these indicators at this point.
c) Daily chart looks better than yesterday, and with continuation of bulls over next few days, we can expect the trend change indicators to confirm the same. Daily chart has got room to run more.
d) Immediate resistance points would be 8.75-8.85 area followed by 9.32. There are also some hidden resistances in between these price ranges..
e) Following would be a nice support area for this stock – 8.2 – 8.55.

Today, instead of posting daily or hourly chart, I would like to post 5 min chart. TNXP also have history of following steep trend-lines for hours/few days. Last month we saw similar trend-line when it rallied from 7ish to 9ish. History also shows that this pattern is not new for this stock. This trend-line is what I would be focusing on to sell my shares if I want to shorten my position, together with analyzing support/resistance points. Make no mistake here, TNXP is going through chart correction process.