Like most nanocap biotech stocks in 2021, BioVaxys Technologies (TSX-V:BIOV, OTC: BVAXF) has seen its share price experience a rollercoaster ride with a 52-week range of $.14-$.78 on its TSX-Venture listing. As of yesterday's close BIOV shares have settled down near important support at $.35:
Trading volumes have also trickled lower in the last few weeks. The combination of light volumes and price resting at support can often precede the start of a new uptrend in a stock. I will be watching to see if the Relative Strength Index (Daily-14 period RSI) can move back above the median line (50) over the coming days, if this can occur in combination with a bullish cross (black line crossing above red line as both turn higher) in the True Strength Index (TSI) it will offer strong evidence that BIOV shares are ready to make their next 100%+ move higher.
This morning's news that BIOV has filed a patent application for a pan-sarbecovirus vaccine that could elicit a broad cross-reactive immune response against most or all sarbecoviruses is likely to get the market's attention. We are also expecting additional news on BIOV's Covid T-cell diagnostic test (animal toxicity study and IND Filing) over the next couple of months.
Author owns BIOV.CA shares at the time of publishing and may choose to buy or sell at any time without notice. Author has been compensated for marketing services by BioVaxys Technology Corp.
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