Saturday, February 21, 2015

Prometic Break Out

Anyone who stops by this blog every now and then will know that one of my more recent trade vehicles has been prometic life sciences (T.PLI).

Don't know a lot about the company to be honest, but its ups and downs were fairly predicable allowing for a number of nice trades, a handful of which I had outlined on here.

Well, it appears that on the back of two good news releases (here  and here ...assuming you consider a drug that is marketed to treat a disease which affects less than 200,000 people good news) to have broken out into new territory; I had expected there to be strong resistance at the 2.10 level, but it did away with that quickly. So, that leaves it at 2.36 and it will be interesting to see where the dust settles. As I look at the chart two possible outcomes come to mind, it either plays off the 2.10 or the 2.00 level, of course I wouldn't put any money (literally) on these predictions.

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