Technical analysis is the study of past price movements with the aim of getting guidance to potential future price movements. Charts are the primary tool of technical analysis.
In the last 18 months, PYC had a roller coaster ride from a 19c down to 5c, then up more than doubled to 11.5c. Now 9.1c,
where to next?To make an educated guess, we could gain some insight into the behave of PYC's by looking at the past price movement. Back in 2020, we had a stellar rise in an uptrend channel from 4.3c to 20.3c. An interesting observation is
every time the SP makes a new peak, it would retrace to the 61.8% Fibonacci Level. Therefore we could say the same would apply this time round.
The chart below shows the SP crashing from 19c in 06/2021 to a low of 5c, then up again.
Worth noting is the brown colour downtrend established from 06/2021 to 01/2023 was broken by a sideway consolidation into the Yellow downtrend channel. Basically we copied and pasted the Brown channel to form the Yellow channel. Once it broke out of the Yellow channel, we again pasted the Green channel in. We would keep pasting the same channel until a clear uptrend is established.
With the announcement of the PKD drug, we got green candles every week in 11/2023 and broke above the Green channel. So the Blue channel is pasted in. However, the SP started to track sideway.
Based on the previous "behaviour" of retracing to 61.8% Fibonacci Level, it would hit 9.1c. Guess what, it is also sitting exactly on the bottom trendline of the Blue channel. We hope the SP would close at or above 9.1c on Friday in order to avoid breaking below the Blue channel.
Potential future price movements- In the event of no further good news, SP might drift lower to 8.3c which is the 50% Fibonacci Level.
- If there are moderately good news, SP could meander in the upper half of the Blue channel, hitting a peak of 12-13c.
- Of course a very good news would push the SP beyond the top of the Blue channel which is 13c or more.
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