Friday, June 2, 2017

WILL THIS PENNY STOCK RALLY NEXT?


QT Vascular stock
One penny stock which recently emerged as the most actively traded stock on SGX caught my attention: QT Vascular stock. On 31 May 2017, QT Vascular stock rallied up by a solid 12.1% to close at $0.037; this was right after QT Vascular ’s AGM and this prompted an enquiry by SGX.
QT Vascular had an extraordinary general meeting (EGM) today to seek approval from its shareholders to sell its non-drug coated balloon catheter product to Medtronic Inc. The EGM was held at 8am and hence at this time of writing, the results of the EGM should have been known at the very least to the attendees though the results have not been put up under the “Company Disclosure” section of the SGX website. The outcome of the EGM might be a non-event as the stock price of QT Vascular remain unchanged from the previous close at $0.036 at this time of writing.


I studied the fundamentals of QT Vascular and these are not very good and I should not elaborate more. But looking at the technical charts of this stock, I could not help but noted a possible nice rally setup whereby the shorter moving averages of 5DMA, 10DMA, 20DMA have converged on the upwards towards the 50DMA, triggered by the very bullish volume and price of 31 May 2017. Will this technical setup translate to QT Vascular being cute and muscular, becoming a “cutie muscular” (pun 100% intended) for investors? If so, I see a target price of $0.055 (based on previous floor) which means an upside of almost 53% from the current stock price. Join the emailing list to receive regular Financial and Singapore stocks newsletters too! Like" me on Singapore Stocks Investing Facebook page to receive all posts on your Facebook as well as read more articles. Follow me on Twitter too.


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