Protagenic Therapeutics Inc (PTIX)

[dmlabuda]

You could call the period from January 3rd to February 14th a bull market but, you would be lying to yourself because you can draw a downtrend line from the high price on February 15th (a Key Reversal day) all the way back to October 27th (2011) and then extend that line through to the top of yesterdays high price. That gives you three points in a straight line from October 27th to March 22nd and the trend is down. Yesterday's high price of $0.1965 is way below yesterday's 200 day moving average of $1.5146 and yesterday's closing price of $0.1275 is below yesterday's 50 day moving average of $0.1421. In fact, yesterday's closing price is below ALL 5 (10, 20, 50, 84, and 200 day) moving averages on the daily price chart (below). Therefore, technically, we have a Bear market. ATRN has been (and continues to be) a bear market since its IPO in April of 2007 (can be seen a monthly price chart). On the weekly price chart there is the appearance of a nice V-bottom formation accompanied by high volume so, we do have the appearance of a market bottom and developing bull market. You can even count 5 Elliot Waves up on the daily chart (below) indicating a possible first tier in a bull market but, ATRN has NEVER traded above its 200 week moving average. So, I might ask you how you can call it a bull market?

ATRN - Daily Candlesticks