winstox

MEI - a promising setup

Long
NASDAQ:MEIP   MEI Pharma, Inc
MEI Pharma is a drug development company with a pipeline of three clinical-stage drug candidates. The main focus of the company is oncology drugs development.
The company has enough cash to go through most of 2109 (cash is very important in this sector).
MEI Pharma is now close to enter in the period during which it will have two clinical products in phase 3 studies.
These are the promising Pracinostat and MEI-401.
What is very interesting with this Biotech company is that it recently had lots of interest from private investors in order to gather cash for its prospects.

From a Technical Analysis point of view, I find the stock very attractive.
It was back in April 2018 when Volumes started to increase and this proved the interest of investors.
The move started to build and the stock went sharply up in a solid Wave 3.
Now we are in a corrective phase (Wave 4) within a bullish pattern that should lead us to Wave 5 and much higher levels.
The move that MEI has now (4) either ended and we should see the new uptrend from here or there is still some more consolidation before the uptrend resumes.

For investors who are interested in this sector (Biotech) and at this promising company, this is the time to accumulate stocks of MEI .
I remain bullish and I expect soon to see the confirmation of the new Wave up (5)
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