PTRA could potentially be a great buy down the road, but for now its been caught in a steep downtrend - collapsing 30% and leaving investors wondering.
Many are piling in thinking this is a steal right here.
But is price done? Is the bear market over?
RSI showing well overbought.
However, price looks like it may be forming a continuation pattern. That recent star does not fit well into a bottoming pattern and could show there is another leg down. If price carries on further then it looks like it will form a 5th wave of a higher degree ABC from the top.
This would find a very overbought bottom and really would be a steal.
One to keep an eye on. That star will also reveal potential invalidation.
Not advice.
Many are piling in thinking this is a steal right here.
But is price done? Is the bear market over?
RSI showing well overbought.
However, price looks like it may be forming a continuation pattern. That recent star does not fit well into a bottoming pattern and could show there is another leg down. If price carries on further then it looks like it will form a 5th wave of a higher degree ABC from the top.
This would find a very overbought bottom and really would be a steal.
One to keep an eye on. That star will also reveal potential invalidation.
Not advice.
Note
Early doors but this looks to be a regressive rejection.Note
Note
Momentum still clearly to the downside. Might stall perhaps but this should get to $8.5 via this continuation pattern.Note
Note
Continuation it is. See you at $8.5Note
Note
Large bearish daily candle engulfing the previous 4 shows price appear to be breaking out to the downside, despite oversold RSI. This is a real landslide.Note
I'm going to move the goal posts here.What I thought was a wave 4 was lower degree and this August bounce appears to be wave 4. The impulse breakout also suggest a wave 5. Therefore a 1:1 extension taken from wave 1-4 gets price to $6.41.
I will be looking first to see how price reacts to first target higher time frame ABC @ $8.55 first, but eventual bottom target is now $6.41
Note
This is a landslide. A very dangerous stock currently. Note
Evening star and hanging man looking very severe on the 3M chart
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Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.