Among the stocks the rallied strongly this past Friday, the rally enjoyed by the Propanc Biopharma Inc (OTCMKTS:PPCB) stock was particularly noteworthy. Although there was no news about the company last week, the Propanc stock ended up clocking gains of as much as 100%.
In this sort of situation, it could be a good move for investors to consider taking a look at some of the recent developments that might be of importance. Back in March this year the company, which works on the development of novel treatments of cancers, provided an update to its shareholders.
The Chief Executive Officer of Propanc announced that business conditions improved for Propanc on the back of the post coronavirus pandemic recovery that has been sparked by vaccinations all over the world. The loosening of restrictions with regards to lockdowns and financial incentives from the various governments has also been cited as a reason for the situation.
The company, which is based out of Australia, had to endure a very strict lockdown in its home country due to the spread of the virus. However, Propanc announced that it is now looking forward to expanding its business considerably before a capital restructuring and research work. At the time it announced that it was going to receive ‘cash back benefits’ from the government of Australia.
Market Reaction:
On Friday, PPCB stock jumped by 101.41% to $0.1197 with more than 3.40 million shares, compared to its average volume of 232K shares. The stock has moved within a range of $0.0500 – 0.1480 after opening the trade at $0.0595. Over the past 52-week, the stock has been trading within a range of $0.0500 – 7.4000.
Pivot Points
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
| Classic | -0.0343 | 0.0078 | 0.0638 | 0.1059 | 0.1619 | 0.2040 | 0.2600 |
| Fibonacci | 0.0078 | 0.0453 | 0.0685 | 0.1059 | 0.1434 | 0.1666 | 0.2040 |
| Camarilla | 0.0927 | 0.1017 | 0.1107 | 0.1059 | 0.1287 | 0.1377 | 0.1467 |
| Woodie | -0.0877 | -0.0188 | 0.0104 | 0.0793 | 0.1086 | 0.1774 | 0.2067 |
| DeMark | – | – | 0.0849 | 0.1059 | 0.1830 | – | – |
Moving Averages
| +/- EMA(20) | 0.09 (+33.00%) |
| +/- SMA(50) | -23.85 (+-100.50%) |
| +/- SMA(200) | 11.81 (-98.99%) |
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