Squeeze Me: MIRAI do not have a crystal ball
But what I do have is enough
Trade What You See..Not What You Hope For
MIRA trade ideas
MIRA - Ketamine Biotech Company with massive growth potential!Mira Pharmaceuticals Inc is a pre-clinical-stage pharmaceutical development company with two neuroscience programs targeting a broad range of neurologic and neuropsychiatric disorders. The company's novel oral pharmaceutical marijuana, MIRA-55, is under investigation for treating adult patients suffering from anxiety and cognitive decline, often associated with early-stage dementia.
Float 9.96M
Recent News from 29/10/2024:
MIRA Pharmaceuticals' Formulated Shows Greater Efficacy Than FDA-Approved Drug For Chemo-Induced Neuropathic Pain
"MIRA Pharmaceuticals (MIRA, Financial) shares soared by 40% after the company achieved a significant breakthrough in chemotherapy pain management with its new drug, Ketamir-2. According to recent studies, Ketamir-2 is proven to be 2% more effective than existing FDA-approved medications, specifically Gabapentin and Pregabalin, in alleviating chemotherapy-induced neuropathic pain. Preclinical studies have highlighted Ketamir-2's superior performance, demonstrating a 60% higher efficacy compared to Gabapentin and a remarkable 112% improvement over Pregabalin in various neuropathic models.
Chronic neuropathic pain, in particular, which develops from nerve damage caused by chemotherapy or injury, has only Gabapentin and Pregabalin available as effective therapy now. Alas, such medications are not without their drawbacks, which include dizziness, impairment of cognitive function, and dependency inclusion. The market for both Gabapentin and Pregabalin is going to have healthy growth rates in the forecast period of 2020 to 2033, with Gabapentin reaching $4.95 Billion.
Ketamir-2's superior performance in preclinical studies is coupled with fewer adverse side effects, presenting a potentially safer option for long-term pain management. This non-opioid alternative addresses the urgent need for treatments that minimize the risk of addiction. With its promising results, Ketamir-2 may soon qualify for FDA breakthrough therapy designation or fast-track status, especially for rare cancer-related neuropathic pains.
In addition to ketamine-2, MIRA Pharmaceuticals is also active in developing MIRA-55, an oral agent with a similar mechanism as ketamine-2 used in the treatment of anxiety and cognitive symptoms in early dementia. With Ketamir-2 moving towards clinical trial and possibly receiving expedited approval by the FDA, it becomes a true light at the end of the tunnel for those suffering from chronic and severe pain."
Overall Market Sentiment:
It’s always crucial to consider overall market sentiment when making trading decisions.
Breakout Zone:
$2.60 - 2.65
Resistance Points:
$3.30
$3.75
$4.15
$5.15
Surpassing these levels could signal a positive trend. Consider taking profits at these stages to realize gains.
Trading Strategy:
I see a cup and handle formation.
Take Profit (TP): Set a target at $6.33. If FDA approval is granted, this stock has the potential to surge significantly, with a possible price target of $15.00 or even higher.
Stop Loss (SL): Set at under $1.3 to mitigate potential losses.
Chart Analysis:
Please refer to the attached chart for detailed analysis of price trends and movements.
Trading Advisory:
Exercise caution and consider market conditions and your own risk tolerance when trading. It's advisable to conduct comprehensive research or consult with a financial advisor before engaging in trading activities.
Disclaimer: This content is for informational purposes only and should not be considered financial advice.
MIRA has some potentialMIRA is trading higher as of this morning. Caught it @0.90 level. Over 1.00 might bring more buyers. Volume is increasing and the price is going up slowly.
MIRA Pharmaceuticals Set to Explode?Overview
MIRA Pharmaceuticals, Inc. (NASDAQ: MIRA) has recently demonstrated a notable upward momentum, indicating potential bullish activity. The stock price has surged by 31.45%, closing at $0.8610. This analysis will delve into various technical indicators, price action, and patterns to offer a comprehensive outlook, including speculative price targets and trading strategies.
Price Action and Candle Analysis
The recent candlestick formation suggests a bullish reversal, with the price closing near its high for the day. The significant increase in volume indicates strong buying interest. The stock has found support around the $0.70 level, which has been tested multiple times in the past few months.
Moving Averages
The moving averages are showing mixed signals:
Short-term (10 EMA, SMA): Both the Exponential Moving Average (EMA) and Simple Moving Average (SMA) for the short term are currently in a buy zone, with the 10 EMA at $0.7492 and the 10 SMA at $0.7354.
Medium-term (30 EMA, SMA): The 30 EMA is at $0.8272, while the 30 SMA is at $0.8169, both indicating a potential buy signal.
Long-term (200 EMA, SMA): Both the 200 EMA ($2.4360) and 200 SMA ($2.4190) are in sell territory, suggesting that the long-term trend is still bearish.
Oscillators and Momentum Indicators
Relative Strength Index (RSI): The RSI is at 55.3788, indicating neutral momentum but leaning towards bullish territory.
MACD: The MACD level (12, 26) is at -0.0560 with a bullish crossover, suggesting a potential continuation of the upward momentum.
Stochastic Oscillator: The %K value is 32.3012, indicating the stock is not overbought, providing room for further upward movement.
Volume Analysis
The volume has significantly increased to 1.78M, which is above the 30-day average of 106.04K. This surge in volume supports the bullish sentiment and indicates strong investor interest.
Support and Resistance Levels
Immediate Support: $0.70 (tested multiple times and held firm)
Immediate Resistance: $0.90 (near the current price level)
Key Resistance Levels: $1.00, $1.05 (R1), and $1.27 (R2)
Pivot Points
Classic Pivot Point: $0.9100
Fibonacci Pivot Point: $0.9100
Camarilla Pivot Point: $0.9100
Earnings and Valuation Metrics
Next Earnings Report: Approximately 100 days from now (around August 28, 2024)
Market Capitalization: $9.68M
EPS (TTM): -$0.81
Shares Float: 9.76M
Trading Strategy and Price Prediction
Given the current technical setup and momentum:
Long Position: Consider entering a long position if the price breaks and sustains above $0.90. Set a stop loss at $0.70 to manage downside risk. Target price levels are $1.05 (R1) and $1.27 (R2).
Short Position: If the price fails to hold above $0.70, consider shorting with a stop loss at $0.90. Target price levels are $0.55 (S2) and $0.30 (below S3).
Speculative Price Targets
Bullish Scenario: If bullish momentum continues and the stock breaks above $1.05, it could potentially reach $1.27 in the near term. A breakout above $1.27 could see the stock test the $1.63 level.
Bearish Scenario: If bearish pressure prevails and the stock drops below $0.70, the next support levels are $0.55 and $0.30.
Conclusion
MIRA Pharmaceuticals, Inc. shows potential for a bullish breakout given the recent price action and volume surge. However, traders should monitor key support and resistance levels closely. The recommended strategy is to enter long positions on a confirmed breakout above $0.90 with a stop loss at $0.70. Conversely, short positions could be considered if the price fails to hold above $0.70. As always, manage risk appropriately and stay updated with the latest market news and technical signals.
MIRA - LONG
Amid concerns about MIRA Pharmaceuticals' cash burn, there are compelling reasons for optimism. The company has smartly reduced its cash burn by 8.1% in the past year, extending its cash runway to about 16 months as of September 2023. This indicates prudent financial management and a strategic approach to growth.
The partnership with Pharmaseed Ltd. to develop Ketamir-2, a novel treatment for neurological and neuropsychiatric disorders, highlights MIRA's innovative edge. This venture into addressing major depressive disorder (MDD) and post-traumatic stress disorder (PTSD) has significant market potential, with projections suggesting Ketamir could generate $3 billion in annual sales by 2035.
As we have established a very strong support here, and given the history of volatile moves, eyeing potential price target in the $1.50 range, low volume node. My bullish outlook is supported by MIRA's strategic initiatives, potential market impact, and solid financial strategy, making it an attractive option for investors seeking growth in a stock with considerable upside.
