I would say most of PYCs upcoming announcements potentially fall...

I would say most of PYCs upcoming announcements potentially fall within your category 3.

As a highly speculative stock where the bulk of the company's activities have a high degree or risk , announcements that remove that risk factor (eg. Successful phase studies ) , should provide ample opportunities for price revisions outside the historical technical trading bands.

Some might even argue the market isn't currently efficiently pricing the actual degree of risk associated with the company's phase trials. Certainly Rohan and others have talked about their methodologies employed presenting a different risk profile than is typically associated with medical pharmaceutical research. I suppose we will all find out this year and next.