Morning all, was just doing some retrace measurements homework and PYC stood out to me so I thought I would share it for what it's worth to you.
When a stock rises so strongly as it did late last year, there's always a following retrace before taking the next leg (hopefully upwards). The most bullish retrace level is the 62%Fib level and as you can see, PYC did this perfectly and even retested it many times. It's not surprising to see higher volumes taking the SP higher.
Unfortunately we need to balance that against some macro issues (which aren't playing ball at the moment) to determine whether this uptrend will continue. There's always glitches in the way of a smooth run eh.
Just look at what has happened to the BIO sector this week.
Moving forward, on the PYC daily chart (above) while the SP remains above that white bollie median line then the trend is always up so you can ride over a few bumps in the meantime. The 10 cent zone is always a bit of a magnet to drag an SP to it but can work against you when your wanting to break free of it above .115 - .12 cents.
All the best.
PYC Price at posting:
9.1¢ Sentiment: None Disclosure: Not Held
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