Given the fact we had a 190% move in a day - without more outstanding news in the next two or three weeks, one would assume a retrace on price from here. I saw someone post a monthly chart of this stock dating back to 2019 which in my humble opinion is far too long for this type of stock. The market cap was 20M two weeks ago and when one trial announcement can move the needle so much it's clear that price action from 2021 (before this trial had even started) is redundant. You could make the argument that charting any speculative stock with extreme upside or downside catalysts is pointless but we can try! This is weekly chart but it's really only the last year we need to be looking at for an idea of where we go next. I've put a fib retracement with move starting at 6 and finishing at 25c. Some of the highs from August/Septmber last year may become support which would coincide with the 0.5 retrace level. So, without more near term news we may go back to the 16c level or around there, maybe! Things I know for sure - Aussie small cap biotechs are starved of capital after a long biotech bear market but regardless they never get the same valuations as their US counterparts in the early stages. The market is extremely impatient and has a short memory so no news and the price grinds down - always! And, the geopolitical risk and potential for black swan events is EXTREME at the moment. Everyone knows this of course!
ATX Price at posting:
20.5¢ Sentiment: Hold Disclosure: Held
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