I don't agree. The stock has closed at the high on expanding volume and broke out today. Tomorrow should be another good day. Profit taking will set in soon, as there have been 3 strong days already, but there is no real selling pressure now in that there is no overhead supply in this area. When the stock gets thru 10 is when the fun begins, funds start getting in then.
That is fairly easy to say the day after in retrospect. <G>
Today I agree with most of your statements. However on the day I posted, the days before the last close data for PTIS's volume was 1/2 the 21 DEMA volume (and declining!). I take volume very seriously in forcasting action. Many do not. We did have a spike at close (in vol and price) the next day, but not to the point of really making a statement IMO. This only says one thing when dealing with just about any stock: The bulls where loosing steam. Prices could fall shortly after, but due to the last trading close, I Expected that to happen tuesday night, because the charts said so. Take a look. But I also know the company has a fundmentally strong basis and product demand, so this would be short term. 10 would come easily. At that point my synopsis is on target with yours. I'm a holder...at least until we stop moving, where I may trade out and back in.
However, yesterday's strong close sugests alot. For you candlestickers out there it should be obvious. The last 3 days combined price action is very strong indeed.
cheers...PRB |
