Is Sophiris Bio (SPHS) finally turning around?Following a year long downtrend after management followed through with a secondary offering, my chart shows a possible cement floor at 1.80. Higher accumulation and a recent uptrend could mean a lot of upside for the drug development company.
SPHS
Sophiris (SPHS) Multi-month Ascending Broadening Wedge - BullishSPHS is in a multi-year ABW and with the latest partial decline, in addition to other important fundamental and technical factors, it will likely breakout upwards - To infinity and beyond!!
SPHS: EXPECTING A BREAKOUT TO THE UPSIDEOn previous chart i've posted a potential test on the 8$ level. SPHS is gone in that area with a huge spike and a huge drop. Now it is in a corrective phase and i'm expecting a breakout to the upside. Potential gain above 60%
Go short once it breaks the light green support lineGo short once it breaks the light green support line
SPHS HAS BROKEN MONTHLY DOWNTRENDSPHS has broken monthly downtrend with a bullish divergence. More upside possible.
Formerly a single day gapper, Short SPHSTicker SPHS has a history of gapping up for a single day. Might be similar situation, the actual short pos. is not figured yet out because those MA's are not in a favourable settled
SPHS Bearish Bat on daily chart
Criteria Bearish Bat
1. B retracement 38.2% of XA leg.
2. C retracement 88.6% of AB leg.
3. if C=88.6% retracement of AB leg ==> CD should be 261.8% extension of BC. leg.
4. D should be 88.6% retracement of XA leg.
SPHS Possible Breakout?SPHS has been testing it's resistance points higher and higher over the past few months after the sudden gap-down in mid-December of last year. Sophiris Bio Inc., a bio-pharmaceutical company developing PRX302 (topsalysin) for the treatment of urological diseases, has shown a recent development of their PRX302 treatment and doctors say it could serve as a viable resource by targeting and destroying cancer ridden prostate tissue. This can only mean more money flowing into the company's pockets. I believe by the company's progress and the stocks movement in the market we could see this stock breaking it's resistance and spiking up to around 1.20-1.60 in the coming weeks.
