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Friday, February 05, 2016 1:16:07 AM
$PMCB PharmaCyte Biotech (PMCB) is locked and loaded -- money-wise -- for a while, funded to begin the next phase of its pancreatic cancer trial. The press release was posted this morning -- PMCB pocketed $1 million via the sale of equity, bringing its cash balance up to $3 million. That should get the company pretty far down the R&D road.
As impressive as garnering a million bucks worth of funding in this environment is, I think the real story with PMCB is the chart itself.
Some of you may recall we figured the sharp, high volume selloff from December 31st was a capitulation, and the beginning of a rebound move. We still have every reason to think that. Although the stock stalled as it approached the 50-day moving average line (purple), the 20-day line (blue) has since stepped up as a floor. It even looks like the bulls are trying to use the 20-day moving average line as something of a springboard. One good push above $0.08 could ignite another round of buying.
As impressive as garnering a million bucks worth of funding in this environment is, I think the real story with PMCB is the chart itself.
Some of you may recall we figured the sharp, high volume selloff from December 31st was a capitulation, and the beginning of a rebound move. We still have every reason to think that. Although the stock stalled as it approached the 50-day moving average line (purple), the 20-day line (blue) has since stepped up as a floor. It even looks like the bulls are trying to use the 20-day moving average line as something of a springboard. One good push above $0.08 could ignite another round of buying.
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