I really feel like there's more going on here than meets the eye. I'd like to present another idea that I've stumbled upon today. You're all really quick to downplay Zeeshan's points he's been making but something he said last week couldn't be truer in relation to this current move from 12 cents to now flirting with 14.5 cents dating eight trading days as of today; Volume is
NOT confirming this move and I believe it's cause for greater concern when you look at the volume profile from 26 September 2023, the day that the FDA non-approval event occurred.
The volume profile almost perfectly fits a Head and Shoulders (H&S) pattern - arguably the most easily identified pattern in Technical Analysis. We've got the highest volume up to 'Left Shoulder', we head higher to 'Head' on lower volume and now we've headed up to 14-14.5 cents on lower-again volume. If you know your patterns, this is exactly the volume profile you'd expect to see in a H&S as it shows a weakening trend.
As you'll see as well, I've drawn a channel dating back to 30 August 2023 when the price closed at 20 cents. It's now evident in hindsight that the price action that took place on 19 - 22 September 2023 was a fakeout of this channel. Coincidentally today, we are touching the top resistance of the channel. If in fact we are forming a H&S like the volume is suggesting, then the price target is 9 cents. Price target is measured by looking at the length from neckline to tip of head, and placing it at what would be a breakdown of the neckline if it occurs. Coincidentally, we hit the lower band of this channel almost perfectly.
Should this occur, it will align with my original idea I posted on this thread that I believed we would see a re-distribution as 'Smart Money' didn't have the opportunity to do-so leading up to FDA non-approval.
People most commonly think of a H&S pattern as a 'Top' or 'Bottom' sign but there's a less widely known variation of it that appears as a Continuation pattern. In the continuation head and shoulders variety, prices trace out a pattern that looks similar to a sideways rectangular pattern except that the middle peak exceeds the other two peaks.
As a closing note, we're hitting the 50 EMA today which we last tested and failed at when the tip of the 'Head' formed.
I don't anticipate much support on this, but I think you should be open to expecting the unexpected!
(20min delay)