Hey mate, basically the way I see it is that the MACD bars converge to 0 and the lower highs and higher lows create a triangle, from there the market makes a decision to reach higher highs (uptrend) or lower lows (downtrend), and it looks like the market made a false down break in the first one and a true down break in the second one.
The triangles only use a couple weeks so they’re too small for anything significant though, just short term predictions.
PTX has VERY closely followed IMU though and that has the death cross of 50 EMA (blue line) going under the 200EMA (green line). All those HC premium traders have been giving retail hope with their red heart icons but a look at the chart shows an abysmal state.
PTX is very close to reaching that state, the MACDs have been making lower lows and lower highs for months. It really need to get to $0.2 and stay above the 200EMA for a while or else the death cross and shortens arrive like with IMU.
If longs with spare cash can get past $0.185 today that’ll be a start as it’s past the EMA20.
Of course this is short term volatility, I still believe biotech money will be back eventually and this and IMU will make 2-3 bags from here in a couple years
PTX Price at posting:
17.5¢ Sentiment: Hold Disclosure: Held
