miketootall
Long

PCYC - Update: Showing nice reversal, great entry point

55 0 1
$PCYC is showing a nice reversal as it fights to get through resistance just below $102. Nice fat green candlestick forming today, yesterday would have been a nice entry point if you were following my original post on this. Watch for follow through over the next couple of days and a cross over the $103.26 point where the 200 day MA meets a long-term support level. Also notice RSI coming close to popping back out of oversold territory.

I really like this as a long-term hold over the next few months into earnings. The stock just needs some positive news as a catalyst to help push it back through some key resistance levels to get back up to its original upward trend. I think as we near the next earnings call, good news about their new clinical phase cancer drug Ibrutinib will help push this stock back towards the average analyst estimate. Although they are far from being profitable, the success of the drug should help push this stock upward.
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