Tonix tries to shake off negative pressures - Analysis - 02-06-2022

Tonix Pharmaceuticals' stock (TNXP) spiked in the last session after acquiring a patent for the TNX-801 vaccine against SARS-Cov viruses and pox diseases, marking a profit of 29.10%, or 71 cents, and settling at 3.15, with trading  volumes approaching 163 million shares, above 10-day averages of 23.4 million shares. 

Technically, the stock is attempting to pierce the main downward short-term trend line, with positive signals from the RSI, countered by the resistance of the 50-day SMA, forcing the stock down. 

Therefore we expect the stock to rise and target the first resistance at 8.48, provided the pivotal support of 1.91 holds on.

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Expected trend for today: Bullish