Initial pennant target of 0.12 has been met and exceeded one day...

Initial pennant target of 0.12 has been met and exceeded one day early on 21.97.2020 when PYC closed at 0.125 !

After a week, the shape of the pennant has changed and the target has moved out to Thur 30.07.2020 at $0.115. The good news today failed to excite the market. For a little while, the 4 million shares on the sell side disappeared clearing the way for the SP to go higher. Unfortunately yesterday's decisive buying momentum did not carry through to today. SP is consolidating and it would continue to trade in a tight range between the 2 dotted uptrend lines, 0.115 - 0.13 until the tip of the pennant is reached on Thur 30.07.2020.

The bull case: Fund and Instos continued to buy, SP closed above 0.13 which is the 78.6% Fibonacci retracement level and also the top of the uptrend channel. 0.14 remains to be a resistant unless better news such as another lead drug candidate is announced. BTW the Accumulation/Distributionhas been trending healthilyupwards since 14.02.2020. See 2nd chart below.

The bear case: Fund and Instos had bought enough for now, SP might trend lower. However 0.11 would provide a strong support as had 9 touch points in the last 4 weeks. It is the 50% retracement level and also the bottom of the uptrend channel.

These are my TA thoughts, DYOR! If you would like more of these charts and analysis, please click the "Great analysis" button for encouragement