On the initial day of the PTOO alert, traders were welcomed by volume exceeding four times the previous three months daily dollar volume average. On top of that, the share price rose by 4.55%. To technical traders, high volume in combination of gains and a strong bullish candle mean one thing: accumulation. Shares are being soaked up at current levels, and volume is rapidly increasing since May began. It was also nice to see a close at the high of the day, $1.15 per share.
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Being a swing trade or longer-term hold play in nature, PTOO isn’t done yet in the opinions of the Gold Medal Penny Stocks trading team. This is day one of what may be up to a several month long play, and things are just getting going. Many traders initially accumulated PTOO shares at prices over $1.35 per share. There has been no significant volume sell-off to justify the price decline since those levels, so it is assumed that many traders are still hoping to push the share price above those old levels to come out of PTOO with a profit.
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