SCYTHIAN BIOSCIENCES update...

originally published Saturday, November 04, 2017

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Scythian is looking more attractive now than when we went for it several weeks back on the 13th October at a slightly higher price. On the latest 4-month chart shown below we can see why – it has since been marking out what looks like an intermediate base above its rising 200-day moving average, momentum has improved with the MACD rising above its moving average and its histogram just in positive territory and volume has eased, especially downside volume, with the exception of what looks like a “cross” trade several days back on big record volume. These cross trades often occur ahead of a run up, so this is regarded as a bullish sign. Taking all this into consideration and the 50-day moving average dropping down close to the price, it is believed to be getting ready to break to the upside, and we therefore thought to be at a good point to buy here, or buy more, and a stop may be placed either at C$4.18, or below all of the support at C$3.95 just in case this interpretation is proven incorrect. Given what this company is working on it could end up being outstandingly successful.


Scythian Biosciences website

Scythian Biosciences Corp SCYB.V, closed at C$4.48, $3.34 on EDT on 3rd November 17.


Posted at 6.00 pm EDT on 4th November 17.

The above represents the opinion and analysis of Mr Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stockmarket analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.