major breakout is on - target 1 is 13 cents

Hey there guys just thought i would share my thoughts on what i consider to be a very nice setup on PYC at the moment.

The stock has just broken out and closed above some very important weekly resistance.

Check out this 3 year weekly chart:



The chart above clearly shows a break out above the neckline of an inverted head and shoulders pattern.

- This pattern has taken over 1 year to form! The neckline has been acting as resistance since march last year with the stock being unable to close above the resistance line on 15 separate occasions on a weekly time frame.

This means that PYC has basically been building a launch pad for over a year, it has now broken out and is signalling its intention to Launch.

- The breakout has been achieved on strong volume with Friday being the Highest volume day in 2 months and being one of the top 5 volume days over the last 6 months.

Momentum indicators are all in bull mode further lending support to the case for a strong break to the upside.

A measured move is suggesting a target of 12 cents for PYC in the near future, I reckon it will overshoot this and hit 13-14 cents in the short term.

From a technical perspective it just doesnt get too much more bullish then this.
Throw in some excellent fundamentals with further deals being touted this year, NAOS making an appearance on the register and no intention to dilute further with capital raisings.....what you get is a very compelling investment scenario.

Buy the pullbacks if you can as this is getting very interesting!