PYC Chart looks the goods, page-53

What a week! It was quite an achievement to get up to 14c on Monday 06.07.2020. Regardless of how fantastic PYC is, share price seldom go up in straight line.Technically it is healthy to take a breather, consolidate to gather strength before another upswing. It also allows the short term traders to take profit. The decreasing volume on the downswing indicates LT investors have been holding out quite well.

I guesstimated some 99M shares to be bought and we now have 79.5M transacted since the Index announcement. An interesting observation is most of the shares in the All Ords Index has dropped in their SP while PYC has made 52 week high, pushing its component weighting percentage higher. So more top up buying would be needed before the next quarterly rebalance. The prospect of getting to 14c and putting PYC into the ASX300 Index would trigger another round of buying by the super funds and instos.

From the chart below, a pennant formation has developed with the tip at 12c on or around Wed week 22.07.2020. While in an uptrend channel and with upward momentum, the trend should continue. Next short term upside target is 14c, downside target is 50% retracement to 11.5c.

PYC's main operation is in a laboratory located in Western Australia which is currently free from COVID19 cases, so it is relatively safe. With small team size and ample distancing, it should be quite COVID resilient.

These are my TA thoughts, DYOR! If you would like more of these charts and analysis, please click the "Great analysis" button for encouragement