PolyMedix, Inc. (OTC:PYMX) went though a couple of more intensified trading sessions than usual in which the company’s stock persistently dropped down in value.
As seen on the chart, there has been a serious decline in the stock after PYMX broke the 50-MA at the beginning of the month. Simultaneously, the MACD indicator also turned in a downwards direction, which solidified the bearish market mood towards the stock.
At the same time, PYMX has reached a point near one of its previous supports at $0.6.
At this point, market speculators can expect a bounce off at least for a short while. However, if the company doesn’t support this technical moment with some kind of press release, the chances for a positive scenario diminish.
The last time PYMX issued a press release was two weeks ago and since then investors have had nothing to rely on but technical signals. Fortunately, the technical signals of PYMX chart are very clear at this stage, so market participants will have to monitor what will happen at $0.6, where a previously established support is situated.
