A flurry of emails, asking our opinion be updated, actually reminded us we’d reviewed this lot last year (link). Genedrive certainly experienced a confused 8 months, successfully hitting our drop targets, then bouncing and (so far) hitting our initial upward target. Sometimes, we think the tea leaves were stirred with too much vigour and the price needs another hard look.
Listed on the UK AIM market in 2007 and originally named Epistem, Genedrive, a medical testing and analytical company are certainly not “new kids on the block”, jumping on a Covid-19 bandwagon. Their activities appear truly international with a share price which once graced nearly 6 quid. It has also fallen as far as 8p, leaving a lot of room for movement in every direction. Even the last year has seen the price vary from 300p down to 38p while the company swims in the fast waters of pandemic speculation.
We’re starting to suspect an attempt is coming to break free from our growth target level of 150p. While our report last year suggested a secondary of 171p, we should now rework the numbers as there’s every chance the 171p level shall be ignored.
Gains now exceeding 164p now calculate with a potential of movement to an initial 197p with our longer term secondary, if bettered, working out at 232p. Unfortunately, this could easily become 261p, thanks to the circled gap from January this year confusing things a little. One problem we have with manipulation gaps is fairly obvious. If there are no numbers, how the heck can we analyse them!
The target level of 261p is fascinating, given the convergence with the Blue downtrend which dates back to 2013, certainly justifying a reason for a pause in any rising cycle.
For it all to risk going horribly wrong, the share price needs reverse below 126p to give the first indication of bad test results coming. Weakness such as this risks triggering reversal to 95p with secondary, if broken, at a bottom of 56p and hopefully yet another bounce.
|Time Issued||Market||Price At Issue||Short Entry||Fast Exit||Slow Exit||Stop||Long Entry||Fast Exit||Slow Exit||Stop||Prior|
17/02/2021 FTSE Closed at 6710 points. Change of -0.56%. Total value traded through LSE was: £ 7,511,824,336 a change of 35.06%
16/02/2021 FTSE Closed at 6748 points. Change of -0.12%. Total value traded through LSE was: £ 5,561,960,634 a change of -0.72%
15/02/2021 FTSE Closed at 6756 points. Change of 2.53%. Total value traded through LSE was: £ 5,602,276,757 a change of 0.88%
12/02/2021 FTSE Closed at 6589 points. Change of 0.93%. Total value traded through LSE was: £ 5,553,303,054 a change of 2.03%
11/02/2021 FTSE Closed at 6528 points. Change of 0.06%. Total value traded through LSE was: £ 5,442,915,422 a change of -20.73%
10/02/2021 FTSE Closed at 6524 points. Change of -0.11%. Total value traded through LSE was: £ 6,866,229,755 a change of 17.93%
9/02/2021 FTSE Closed at 6531 points. Change of 0.12%. Total value traded through LSE was: £ 5,822,084,195 a change of 11.88%
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