PYC has hit my 1st target of 10.5c precisely on 22.06.2020. Today it reached the 2nd target of 12.5c as projected. A massive 38.9% increase from 9.0c when S&P announced that PYC is to be included into the All Ords Index on 12.06.2020.
As predicted, the massive buying includes various super funds and institutions rebalancing their portfolios due to PYC's inclusion into the All Ords. I have guesstimated some 99M shares to be bought and we are only half way there with 55M transacted.
The bull case:
The general market remains positive.• Increasing volume when SP moving up is encouraging.
The super funds and instos continue to buy.
The prospect of reaching 14c would catapult PYC into the ASX300 Index, then another round of rebalancing buying!
Next higher targets are 13.5c @ 223.6% Fibo, 14c to get into ASX300, then 14.5c @ 250% Fibo level.
The bear case:
The market becomes negative.
Buyers expects PYC to take a breather as it has reached the 200% Fibo level and top of the uptrend channel.
Super funds and instos holding off buying and wait for the market to bottom.
Next lower target would be 10.5c which is the 50% retracement.
These are my TA thoughts, DYOR! If you would like more of these charts and analysis, please click the "Great analysis" button for encouragement
PYC Price at posting:
12.5¢ Sentiment: Buy Disclosure: Held
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