One of the stocks to have come into sharp focus among investors yesterday was the Midatech (NASDAQ:MTP) stock after the company announced positive results with regards to a particular aspect of its technology.
The biotech firm announced that the in-vitro data in relation to its technology Q-Sphera has shown that it has the potential injectable product from proteins that could act for a longer period. The announcement resulted in a strong rally in the stock and it went up by as much as 45%.
While it is true that the announcement has come as a major positive for the company and cause a lot of optimism about the Midatech stock, it should be noted that there is a long way to go before the product can be launched commercially. The company revealed that it will need to work on further optimisation of the medicine loading and dissolution functions of the technology.
Market Reaction:
On Thursday, MTP stock was up 91 cents or 44.61% to $2.95 with more than 119.09 million shares, compared to its average volume of 240K shares. The stock has moved within a range of $2.5600 – 3.6000 after opening the trade at $3.46. Over the past 52-week, the stock has been trading within a range of $1.2500 – 7.0700.
Pivot Points
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
| Classic | 1.4200 | 1.9900 | 2.4700 | 3.0400 | 3.5200 | 4.0900 | 4.5700 |
| Fibonacci | 1.9900 | 2.3911 | 2.6389 | 3.0400 | 3.4411 | 3.6889 | 4.0900 |
| Camarilla | 2.6613 | 2.7575 | 2.8538 | 3.0400 | 3.0463 | 3.1425 | 3.2388 |
| Woodie | 1.8850 | 2.2225 | 2.9350 | 3.2725 | 3.9850 | 4.3225 | 5.0350 |
| DeMark | – | – | 2.2300 | 3.0400 | 3.2800 | – | – |
Moving Averages
| +/- EMA(20) | 2.11 (+39.81%) |
| +/- SMA(50) | 2.04 (+44.61%) |
| +/- SMA(200) | 2.09 (+41.15%) |
 Stock Moves Up Big: More To Come?){kind=link}