As predicted, SP traded in a tight range of 15.5 - 17.5c during the last 2 weeks (pink box in chart) post resumption of trade from CR announcement.
Buyers were willing to pay 17c as early as 10:09AM. Those could be overseas buyers or new investors who had missed out on CR entitlement. A total of 2.795M shares tradedwhere 1.857M >= 17cmeans
people have started chasing 17c.
Now that the CR has closed at 5PM today. Once out of the way, investors would be more focused on the bright future of PYC rather than the CR price of 17c and associated dilution.
Next Week:
If there is no good news, some professionals and short term traders would be happy to take 0.5c - 1c profit and sell at 17.5c or 18c. So be prepared for SP to linger around that level for a few days to a week. Any good news would push it higher to retest the bottom of the blue uptrend channel @ 19.5c. This is also the Fibonacci R1 level.
Looking back at the chart, it is gilded with good news along the way nearly every week or two. So it is not unreasonable to expect a piece of good news before November ends.
Reading the AGM Nov-2020 Presentation released today, the
CNS Neurodegenerative disease #1 appears to be pretty well advanced. Its arrow bar is the same length as PYC-001 and VP-002, while Ocular program #4, #5 , and Neurodegenerative disease #2 are shorter.
If my observation is right, we would hear more good news on CNS Neurodegenerative disease #1 real soon.
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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