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.
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Early doors but this looks to be a regressive rejection.
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Momentum still clearly to the downside. Might stall perhaps but this should get to $8.5 via this continuation pattern.
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Continuation it is. See you at $8.5
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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.
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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
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This is a landslide. A very dangerous stock currently.
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Evening star and hanging man looking very severe on the 3M chart