Drug is an interesting psychedelic play that aims to to be a next generation psychedelic company.
Currently we are going sideways and it has some bullish factors goin for it
TA bullish factors
1) it broke the downward trendline and had a successful retest
2) we can see the macd starting to pinch and might be going for a zero line cross on the 65 min
Possible bearish scenario from TA:
One could argue that this is a distribution phase for a continuation downwards.
Bullish Fundamentals:
However, I don't believe we should look at this from a pure TA pov as we will be missing out important information
1) They raised 25.9 million dollars at 7.57, so private placement people re currently bag holding and we are trading at a discount.
2) Their marketcap is currently only 43 m, so 25.9/43 = 0.6. Meaning the cash raised makes up for 60% of their current market cap, making this a very attractive time to buy. So I see very little downside risk
3)The ceo has been accumulating shares in this sideways range spending 132.6k $ with most of the shares accumulated at 6.8ish
4)bullish tailwinds for psychedelics.
www.youtube.com/watch?v=rsK01YUH...
Currently we are going sideways and it has some bullish factors goin for it
TA bullish factors
1) it broke the downward trendline and had a successful retest
2) we can see the macd starting to pinch and might be going for a zero line cross on the 65 min
Possible bearish scenario from TA:
One could argue that this is a distribution phase for a continuation downwards.
Bullish Fundamentals:
However, I don't believe we should look at this from a pure TA pov as we will be missing out important information
1) They raised 25.9 million dollars at 7.57, so private placement people re currently bag holding and we are trading at a discount.
2) Their marketcap is currently only 43 m, so 25.9/43 = 0.6. Meaning the cash raised makes up for 60% of their current market cap, making this a very attractive time to buy. So I see very little downside risk
3)The ceo has been accumulating shares in this sideways range spending 132.6k $ with most of the shares accumulated at 6.8ish
4)bullish tailwinds for psychedelics.
www.youtube.com/watch?v=rsK01YUH...