Right on cue ... up up and up! The first projected target of 14.5c has been reached 3 days EARLY! PYC's SP has been on a tear in the last 12 months.
If you look at the bottom left of the chart below, on 12.06.2020 "News Release from S&P that PYCwill be added into the All OrdinariesIndex on 22.06.2020" - this event has catapulted PYC by 33% from 9c to 14c. Gradually it retraced to the 50% Fibonacci Level at exactly 11.5c (9c + 14c div 2). Again this is a well respected (read expected) level in technical analysis.
"Reaching 14c and PYC would go into the ASX300 Index" is always an attractive target. Getting into the All Ordinaries had caused massive buying by the instos and super funds. If the SP could hold the 14c level and continues to go up, another wave of buying would ensue. Mind you, having broken above and closed above 14c 52-week high, do expect a retacement to 14c to retest the resistant now becoming the support line.
Analysing last Friday's course of sales, 1,000,000 shares at 3:45pm, 441,850 shares at 3:57pm, and finally 500,000 shares at 3:59pm. A total of nearly 2M shares bought in the last 15 minutes of trade. Looks like some serious buying were in play.
The technical oscillators and moving averages are indicating a strong buy. See 2nd chart below.
Next couple of weeks would be very interesting to watch as the end of September is approaching, FDA's decision on both orphan drug designation (ODD) and rare paediatric disease designation (RPDD) are due to be announced. With financial benefits attached to these approvals, it's very likely that the SP would move up a few more notches.
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:
14.5¢ Sentiment: Buy Disclosure: Held
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