Technical outlook – The choppy four-month price action now appears to have contained a relatively stable upward trend since the trough recorded in late March 2020.
Although there is a weak bullish signal from the Moving Average Convergence Divergence (MACD) as it holds flat to the 0.00 axis, the Relative strength index (RSI), has strengthened and now in a prime position to support a bullish breakout.
Above $2.80 should ignite the move to a potential target of $3.25. Reassess from there.
Company Overview – Polynovo Limited (PNV, formerly Calzada Limited) is an Australian based medical device company that designs, develops and manufactures dermal regeneration solutions using its patented NovoSorb biodegradable polymer technology.
Their development program covers Breast Sling, Hernia, and Orthopedic applications. Former Names: Metabolic Pharmaceuticals Limited (MBP) on 30/11/2009; Calzada Limited (CZD), 28/11/2014.