Right on cue! PYC peaked at 18.5c and closed at 17c exactly as predicted on my last chart in
Post #: 75678821The ball has absolutely gone over the boundary and hit a six. The chart predicted a weekly close of 17c in the week starting 23/09/2024, and it did and even surpassed the prediction to close at 18.5c on Fri 27/09/2024.
Based on the weekly chart, PYC’s SP has decisively broken above the upper trend line, indicating a potential shift in the current trend. A retracement is now likely as the SP tests the upper trend line as a new support. The price closed at 17c on Friday, 04/09/2024, right at this critical level. It remains too early to determine whether the retracement will extend deeper or if the price will find support and resume the uptrend from this level.
Let’s analyze a few potential retracement scenarios using chart below. A short-term Fibonacci retracement is plotted, along with a shallower, short-term uptrend line (brown), which could serve as additional resistance.
Possible Retracement Scenarios:- Best Case: The SP bounces from the 17c level, establishing a new higher low and entering a fresh uptrend channel. This outcome is challenging without strong news catalysts to drive further buying pressure.
- Brown Curve: The SP retraces to the short-term uptrend line (brown) around 15.5c and finds support there. This scenario is highly likely, as it aligns with the annual Fibonacci R2 level, which could act as a key support if buying momentum is maintained.
- Blue Curve: The SP dips to the 50% Fibonacci retracement level at 14c before bouncing. This is a classic technical dip and could play out briefly if the retracement sees light volume, followed by a quick recovery.
- Worst Case (Red Curve): The SP retraces to the lower trend line at 13c. This scenario seems unlikely given the strong recent momentum and bullish sentiment, supported by upward revisions in price targets and ongoing interest from investors.
With six significant milestones anticipated before the end of 2024, I remain cautiously optimistic that the SP will hit the 20-22c range. There’s even potential for it to reach 34c (a 2x increase), particularly due to the ADPKD drug, which targets a US$10 billion addressable market in the U.S. alone.Key Milestones for PYC:- Mid 10/2024 - ADOA Drug: First patient dosed in Single Ascending Dose (SAD) study
- Early 11/2024 - ADPKD Drug: Complete pre-clinical data pack
- Late 11/2024 to Early 12/2024 - RP11 drug: Human safety and efficacy data (multiple dose studies)
- Late 11/2024 to Early 12/2024 - ADOA drug: Safety Review Committee outcome SAD study – approval to escalate dose
- Early 12/2024 - ADPKD drug: Regulatory submission to progress to First In Human trials
- 12/2024 - PMS drug: Nomination of clinical candidate and progression to IND-enabling studies
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