Just a quick update as yesterday's announcement of the 3rd drug VP-002 for ADOA Childhood Blindness
has caused the SP to break above the brown channel, now into the blue channel.
As you would see the last upswing from 11.5c to 17c was 5.5c,
in TA theory Monday's swing high could be 15c + 5.5c = 20.5c because history repeats (most of the time). Most robots would have been trained like that too. Furthermore it's exactly at the Fibonacci R3 Pivot. Sure enough, that's where it has stopped today and started to pull back. In the absence of more good news, it could retrace to 18c which is R2. This is also consistent with the "need" to retest after a recent breakout.
The end of that projected retracement could finish on or before Mon 26.10.2020, With end of Oct on a Friday, renewed buying could return in that week.
If the Orphan Drug Designation (ODD) is approved by FDA, the projected target would be around 21.5c or higher.
Market cap would reach $800M when SP hits 27.5c which is now well within reach. If the SP could hold above that level
2-3 months before March 2021, S&P may put PYC into the ASX200 Index and heaps of buying from Instos and funds would ensue. The consolation of
getting into the ASX300 Index in March is now a near certainty. Smart investors would buy the dips!These are my TA thoughts, DYOR! If you would like more of these charts and analysis, please click the "Great analysis" button for encouragement.
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