Sideways consolidation continues... But the Technical Analysis Summary (chart 2) has started to show sign of life. One more oscillator has flipped from neutral to buy.
My 4 favorite technical indicators as shown on the chart 1:
- Fast stochastic: continued to go higher in the overbought zone with 2 blue dots which are positive signs. But it is still overbought, and it could flip to the downside (Hold)
- MACD: A triple flip (up/down/up) has just appeared. From previous experience, it is a very bullish sign (Strong Buy)
- RSI: Still flat but just moved out of the short term downtrend (Weak Buy)
- Slow Stochastic: Flat but stayed in the downside (Hold)
- Overall, it is a weak Buy.
The PR machine in PYC has been working overtime trying to sure up investors confidence in the hope to boost the flagging SP. The last good news was on Mon 12.10.2020 - 3rd New Drug VP-002For ADOA Childhood Blindness US$1b p.a. Nearly 2 months have lapsed without any positive news, then suddenly 3 news releases in 7 days.
- Thur 10.12.2020 - Appointment of Chief Executive Officer in the United States
- Mon 14.12.2020 - Letter to Shareholders from the US CEO
- Wed 16.12.2020 - Visual Evidence of Lead Drugs Efficacy
Unfortunately these good news were met with luke warm responses and the SP has barely moved from 15c. Basically investors felt the good news were not good enough! In fact I am not sure if they have any rabbit left in the hat to draw out before the year ends. It was hoped that some good news could push the SP back above the top half of the uptrend channel in the range of 18-20.5c range by 31.12.2020 which now seems very remote. It would be nice if it could get back to the pivot line of 16c at least so we would have a "neutral" stance at the beginning of 2021.
Next year would be big for PYC. With large animal toxicity study being successful, it would pave the way for FDA to approval of both orphan drug designation (ODD) and rare paediatric disease designation (RPDD). All we need is to hang tight and stick to a long term strategy. Commercialisation of VP-001 has been slated for 2025. I am quietly confident that PYC could cross the line early with the help of those 2 designations being approved.
Unless there are miracles in the next 3.5 trading days, the next time I write would be after Christmas. In the meantime, I wish everyone a Merry Christmas and a Healthy Wealthy and Safe 2021.
These are my analysis and 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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Last
12.0¢ |
Change
-0.010(7.69%) |
Mkt cap ! $559.9M |
Open | High | Low | Value | Volume |
13.0¢ | 13.0¢ | 11.5¢ | $308.5K | 2.533M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
7 | 358350 | 11.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
12.0¢ | 371822 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
6 | 317789 | 0.115 |
11 | 637126 | 0.110 |
10 | 1183875 | 0.105 |
13 | 2325475 | 0.100 |
3 | 113721 | 0.099 |
Price($) | Vol. | No. |
---|---|---|
0.120 | 371822 | 1 |
0.125 | 217835 | 3 |
0.130 | 619798 | 7 |
0.135 | 100000 | 1 |
0.140 | 721230 | 7 |
Last trade - 16.10pm 03/09/2024 (20 minute delay) ? |
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PYC (ASX) Chart |