PTX is trading a bit different this week and I'm not exactly too sure why. I've been closely watching the market depth as I've been value picking at PTX the last few weeks. I can tell there appears to be very strong support bang on 0.052, it appears when the s/p moves, it likes to do so in increments of 0.003 cents testing 0.055 cents.
I can only assume there is some small time traders doing some very crafty work in this space. It's free picking of cheap shares. There is this intimidating 0.060 cent resistance that gets topped up to influence small chump change trades that are getting gobbled up very quickly once on the market at 0.052 and 0.055, this is a very crafty skill. The buyers are essentially bluffing the weaker sellers hands into submission, it seems like there is no buying support from a market depth perspective but as soon as one of the weaker holders fall into this accumulation trap of listing at 0.052 - 0.055 (because hey that's what I can get for them) they are absorbed by these crafty traders watching the sellers (I may be one of these). IMO the board may need to consider picking up some bargains, it does wonders for market confidence.
Anyhow with the rather small amount of shares on issue, and trading just above cash PTX is too cheap, and I don't even need to look at the RSI to know this. We just need the news & kapow I'm gunna be so filthy rich, I'll be cleaning my back side with $100 bills, if you miss the bus on this one I'll let you keep my used bills.
PTX Price at posting:
5.5¢ Sentiment: Buy Disclosure: Held
