Buyers pushing share price higher.
2015 has been a disappointing year for loyal shareholders in this biotech stock which has aspirations to expand its products globally.
Now at the end of the calendar year there is technical evidence of a change in trend following a 10 for 1 consolidation. The daily chart above shows an impulsive move higher taking the share-price from 65 cents to a high of 83 cents today (7 December). The share-price is now in an uptrend and gapped higher at today’s open.
Since the company is anticipating improving revenues and favourable news in 2016, investors will be looking for this gain to be maintained, although with the RSI now into overbought territory, a retracement is possible in the near future.
The next target for the share-price if the uptrend continues is the previous peak at 98 cents.
Categories: Chart Analyses, Technical Analysis
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