PROTAGONIST THERAPEUTICS INC (NASDAQ:PTGX) showing some interesting technicals. Here's why.

PROTAGONIST THERAPEUTICS INC (NASDAQ:PTGX) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NASDAQ:PTGX.

Analyzing the Technical Aspects

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

Taking everything into account, PTGX scores 7 out of 10 in our technical rating. In the last year, PTGX was one of the better performers, but we do observe some doubts in the very recent evolution.

• The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
• When comparing the yearly performance of all stocks, we notice that PTGX is one of the better performing stocks in the market, outperforming 93% of all stocks.
• PTGX is one of the better performing stocks in the Biotechnology industry, it outperforms 93% of 562 stocks in the same industry.
• PTGX is currently trading in the middle of its 52 week range. The S&P500 Index however is trading in the upper part of its 52 week range, so PTGX is lagging the market slightly.
• In the last month PTGX has a been trading in the 41.28 - 47.34 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

For an up to date full technical analysis you can check the technical report of PTGX

How does the Setup look for PTGX

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, PTGX has a 7 as its setup rating:

PTGX has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately.

Trading breakout setups.

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.