Stock: Polynovo Ltd (PNV ASX)
Having spent 2016 contained under major resistance at $0.34, shares in Polynovo burst through in November 2017 running up to test new highs at $0.55. The power & significance of the move up was confirmed when two subsequent tests to the downside were limited to $0.44. This rejection of lower levels has given us $0.10 of bullish spacing on top of the old $0.34 level. Buyers have again stepped in this week taking the stock through $0.55 with ease to a close of $0.61.
What Does Polynovo Do?
Polynovo Limited (PNV) is an Australian based medical device company that listed on the 26th of November 1998. The company designs develops and manufactures dermal regeneration solutions with its patented NovoSorb biodegradable polymer technology. Current areas of speciality are in Breast Sling, Hernia, and Orthopedic applications.
To access a list of company announcements, financial summary & dividend history – Click Here.
The Barons Brief – Official Summary
The Baron is on watch for a Buy entry at $0.55 on a retest of the breakout. A pullback into the $0.44 to $0.55 range could provide a more conservative entry, but place traders at risk of missing the next leg higher. Whilst the chart remains bullish long-term above $0.34, a break & close below $0.44 would be cause to re-assess in the short-term.
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Disclaimer: The information contained in this article has been prepared solely for the entertainment & educational purposes of the reader and does NOT constitute financial or investment advice. Any examples presented in this article are for illustration purposes only. No person, persons or organisation are authorised or permitted by the authors to take any action on the reliance of this information without first consulting an authorised, accredited financial planner or advisor. The authors are entitled, at their sole discretion, to hold positions in the above-mentioned stock/s. The authors accept no responsibility for the accuracy, completeness or timeliness of the information contained in this article. Disclosure – No positions are currently held in PNV – ASX at the time of publishing this article (This is a disclosure and NOT A RECOMMENDATION).