Good morning trader! ☕
After MYMD had a monster move from under $2 to nearly $5 recently, it touched (almost perfectly) a 38.2% Fibonacci retracement and acted as a springboard for the stock yesterday, which finished up over 10% on the session.
If you missed our Monday update, we think it’s still material to the trade idea thesis, so when you get a moment, be sure to catch up here.
Now Fibonacci doesn’t always work, but when you have speculative catalysts just ahead, it makes sense that it can increase demand for a stock.
Also, recall the upcoming catalyst calendar for MYMD. While we don’t have a firm date to look at yet, we know a few events are upcoming:
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Source: BiopharmCatalyst.com
And since it only retraced 38.2% in the first place, Monday’s 10% move to the upside puts it within reach of a key $5 breakout level.
We’ve supplied a chart from Finviz.com that clearly shows how $5 is the window to a breakout.
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But what is a breakout?
Well, Investopedia says, “A breakout is a potential trading opportunity that occurs when a stock’s price moves above a resistance level.”
See that $5 horizontal resistance level at $5 on the chart above? Now we don’t like to get in the habit of calling targets on stocks, but what do you think?
Do you think the next leg higher could be in the $8-$10 range? 🤔
Again, nobody knows where a stock will land higher or lower, so let’s not get ahead of ourselves. That said, with some looming catalysts and a strong move off the 38.2% Fibonacci, if $5 breaks, this BioRunup play looks exciting to us.
While we cannot be certain MYMD’s stock can continue to rise, MYMD starts to trade above the $5 resistance soon, we are optimistic about its prospects!
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