Tonix Pharmaceuticals Holding Corp (TNXP)

[blackdeath]

TNXP TA thoughts 8/9/15 - Update
From last few days, I have been watching this stock closely. I am not quite happy with the stock movement in last few days, but it helped me to get a detail of what is going on. The whole bio sector had a nice drop last week ( You can look at IBB ). Next few days, I am hoping for serious turnaround on things for TNXP.
For those, who missed my previous analysis for this stock, here is the link:
TNXP TA thoughts 7/29/15 - Update
General Updates:
a) On daily chart, we are seeing resumption of buying. Whenever the price dropped down, what we saw is big players loading money. Institutional holdings have gone from 48.41% to 48.49% in last 1 week.
b) The trend line which we predicted in last write up didn’t hold. I had also stated profit taking zone around 8.7ish area. There were 2 reasons I predicted this movement – without the news, the interest among the public would be slightly lower. BB and Fib lines showed some resistance around the zone. On 8/3 recorded high was 8.68. So if people did take profits around this area congrats. I did also warn for pull back below 8.0ish area. If your stop losses got triggered, you have an opportunity to enter at lower price. I was hoping for 7.8 to provide some support, however, when IBB fell 3 points in matter of few minutes, MM did bring the ask/bid down. ( Remember MM’s also get paid in form of commissions for executing trades ). I wasn’t smart to sell it, but I did average the price down on Friday, and added at 7.21. If you look at intraday chart pasted below, you can see the areas where MM’s have played sensibly to drop the price down.
2 min chart

c) Weekly chart as I have said in the past, is still very bullish.
d) Immediate support points would be 7.2ish(very strong support) and 7.5ish (not so strong support). 7.8ish and 8.2ish will form immediate resistance zone.

My views:
The price as it stands today is favorable price to load this stock (and forget about this stock for a month’s time). With the release of data being imminent, this stock can climb to 9$ plus. I am looking to take some profits in 8.5$ zone. This area should be in watch, because any volume can make this stock climb to 9$ with ease.
Regarding the PPS movement, I would expect some consolidation to take place here if IBB continue to provide sharp drops. I am also expecting for a PR from the company. One thing you should keep in mind is that bottom is not yet formed as of today. Watch out monday’s price action, and what we need to see is a bullish indicator in daily chart.
Fundamental analysis, charts and my analysis favor consolidation to bullish movements (with bullish movements more likely in short term).
Overall, i believe this stock is low risk/high reward at this time.

One indicator I would like to cover is – Balance of Power indicator. This indicator typically shows if there is systematic accumulation or distribution. When used with certain other indicator can tell if big players are loading. I try to follow this trend considering less risk. Other technical indicators like RSI/stochastics/MA etc would be secondary. From last 3 days, I can see there is some buying by big players, and I would like to see improvement in PPS in coming days. One reason retail sector may not be sure whether to add a support is, because IBB broke MA50 for the first time since May, and they are still waiting for the confirmation that it is headed up. Incase IBB does drop, i hope institutional holders to load this stock and provide support.

Before signing off, I would like to repeat not to take my words for granted since I could be completely incorrect. Do your due diligence. Trade smart, and importantly learn from your past mistakes. Buy low and Sell high.

Daily chart