Hello again,
Now that MYMD has improved their cash position through an offering and retraced to $3, let’s take a look why I like it here based on the chart and upcoming catalysts.
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After a monster $2.01 – $6.15 move carried it over 200% higher over the last few months, MYMD cooled off after suring up their balance sheet with an investment from existing shareholders on August 15. With short-term liquidity issues addressed and catalysts ahead, I like this as a base trade biotech runup play into the catalysts listed above.
What I’d like to focus on right now is a trading tool I use called “Heiken Ashi” candles. This is something I use when signaling a trend reversal. In simplest terms, you can see when the red candles turn green, you are likely starting a new uptrend in the stock.
Look at the previous 3 months when we saw similar trend reversals. We saw this exact same thing in June when MYMD stock was $2. When the pattern turned “green”, this led to a massive 150% surge within 2 weeks following it.
Then, at the end of July, we saw the same signal and that led to another 70% rally.
While past results don’t always predict the future, I sure like the odds we are seeing right now as MYMD is signalling “green” once again. I will be closely watching this to see how far it will carry the stock price this time, if at all.
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The support I’m watching is $3 and the catalysts are impressive. As with any biotech runup, it’s up to the trader’s risk tolerance to hold through events or just play the runup. That said, if $3 holds, the range to $5 now looks very appealing should momentum start to build again, which I think it will.
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