PRN technical analysis
Good evening everyone!
I have been mainly focused on finding some gems in the healthcare stocks division. With all the marijuana stocks making some noise, I sought out other healthcare stocks that could have potential gains.
Of course, before I even bother reading the chart, I always go through a little bit of fundamentals. I need to see if this particular company has a road map and projects(successful ones).
Fundamentals: This company has a 92-93% success rate in reducing PSA (prostate-specific antigen) to patients who suffer from benign prostate cancer. Their MR guided tool that ablates the cancerous tissue in the prostate region is the ace of their project. Also, with the test subjects coming from the USA and Europe, this Canadian company will have a higher chance of expanding their business there. So far, all clinical trials have proven that they have a working product.
Technicals: Zooming out from the daily charts, you can see I circled in yellow 2 bottoms, indicating a double bottom formation. After the formation of the double bottom, we see new higher lows and the price resistance hitting 1.15 twice and the most recent high at 1.25(but it could not sustain)... it looks like it's creating an ascending triangle, which indicates that a breakout to the upside is imminent. 5 out of the 6 most recent candles formed up to the writing date, we see candles that indicate that a reversal is coming. I truly believe we are just finishing and going on a reversal from a pullback, all the way back from the May 22 spike. Moving averages are about to cross to the bull's side as well. MACD still going down but it looks like that it's about to cross over as well. Volume is not too exciting though.
In conclusion, I see a trend on the bull's side. I see this stock breaking out any time once I see 3 candles above the 1.15 resistance line. On the safe side and technical side, it would be the safest if the buy order is placed when we see 3 confirming candles above the 1.15 resistance line.
My personal opinion: From the fundamentals alone, the project is very promising. Someone who has a turtle passive investor mindset would greatly benefit from it. I myself, just found this stock now. I have read their project reports and it is very promising. Technicals' perspective, the chart is speaking for itself. It is on a bullish momentum. Personally, I will buy this particular stock tomorrow as soon as the stock market opens. This is the kind of stock that I will dollar cost average my way through, instead of just buying and selling all of it. I will also purchase an Options long position for this stock as well because I feel that this current price today is VERY cheap for the project they are delivering.
Thanks for reading my analysis. My personal opinion is my personal investment adventure. It is no way that I am advising you to do the same. Trade at your own risk and knowledge. Do your own research.
This is Balanar the night stalker. I stalk these charts day and night.
I have been mainly focused on finding some gems in the healthcare stocks division. With all the marijuana stocks making some noise, I sought out other healthcare stocks that could have potential gains.
Of course, before I even bother reading the chart, I always go through a little bit of fundamentals. I need to see if this particular company has a road map and projects(successful ones).
Fundamentals: This company has a 92-93% success rate in reducing PSA (prostate-specific antigen) to patients who suffer from benign prostate cancer. Their MR guided tool that ablates the cancerous tissue in the prostate region is the ace of their project. Also, with the test subjects coming from the USA and Europe, this Canadian company will have a higher chance of expanding their business there. So far, all clinical trials have proven that they have a working product.
Technicals: Zooming out from the daily charts, you can see I circled in yellow 2 bottoms, indicating a double bottom formation. After the formation of the double bottom, we see new higher lows and the price resistance hitting 1.15 twice and the most recent high at 1.25(but it could not sustain)... it looks like it's creating an ascending triangle, which indicates that a breakout to the upside is imminent. 5 out of the 6 most recent candles formed up to the writing date, we see candles that indicate that a reversal is coming. I truly believe we are just finishing and going on a reversal from a pullback, all the way back from the May 22 spike. Moving averages are about to cross to the bull's side as well. MACD still going down but it looks like that it's about to cross over as well. Volume is not too exciting though.
In conclusion, I see a trend on the bull's side. I see this stock breaking out any time once I see 3 candles above the 1.15 resistance line. On the safe side and technical side, it would be the safest if the buy order is placed when we see 3 confirming candles above the 1.15 resistance line.
My personal opinion: From the fundamentals alone, the project is very promising. Someone who has a turtle passive investor mindset would greatly benefit from it. I myself, just found this stock now. I have read their project reports and it is very promising. Technicals' perspective, the chart is speaking for itself. It is on a bullish momentum. Personally, I will buy this particular stock tomorrow as soon as the stock market opens. This is the kind of stock that I will dollar cost average my way through, instead of just buying and selling all of it. I will also purchase an Options long position for this stock as well because I feel that this current price today is VERY cheap for the project they are delivering.
Thanks for reading my analysis. My personal opinion is my personal investment adventure. It is no way that I am advising you to do the same. Trade at your own risk and knowledge. Do your own research.
This is Balanar the night stalker. I stalk these charts day and night.
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