Gediminas Jasionis

Power3 Medical Products, Inc. (OTCBB: PWRM) Breaks Out

by Gediminas Jasionis November 18, 2009
Power3 logoFor the second day in a row the share price of Power3 Medical Products, Inc. (OTCBB: PWRM) is soaring up an impressive amount and the strong volume suggests the possibility of sustainable breakout. Tuesday's closing price was followed by a gap, which will either turn out to be a common one (with price drop in the coming week to fill it) or it will become a breakaway gap showing the continuation of existing uptrend.

The larger bets should still fall on the common gap as there was no news to push the price up for a sustained period. Also the price is currently roughly at the level of mid to late 2007, when it couldn't push above $0.16, so there is naturally strong resistance at this level.

Technically there was a breakout, but without supporting news, the follow up move might not occur. Speculating on more material events that could have caused this explosive price movement some people refer to the company's upcoming participation in the BTI Life Sciences 2nd Annual Congress and Expo of Molecular Diagnostics. The scientific meeting will be held in Beijing during November 19-21.

This is a chance for Power3 to demonstrate their disease diagnostic products that are being developed and maybe get some acknowledgement which would eventually lead to easier fund raising.

PWRM.png

Comments 0

Type the characters that you see in the box (5 characters).