Admedus forms a double bottom.

This is a daily candlestick chart of promising biotech stock Admedus extending back over a twelve month period. It incorporates the multiple moving average plots of Daryl Guppy.

This chart has been posted before to demonstrate that the down-trend line of the past six months had been broken following a substantial $28 million capital raising.

Admedus forms a double bottom.

Admedus forms a double bottom.

A prompt rebound to about 9 cents marked the closure of the fully subscribed capital raising at 7 cents. Instead of continuing to rebound,however, the share price has weakened again and tested a second time support at the issue price.

The fact that support has held firm, and the share-price has now formed a double-bottom, when it finished the  week on 7.4 cents, suggests that there could well be further gains to come in the near future,

It should be noted that the moving averages are still downwardly directed, and the turn-around in the share-price may not be yet complete..

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Categories: Chart Review

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