AWKN Life Sciences Corp has been advancing towards its goals to develop psychedelic therapeutics protocols, which is a combination of drugs and therapies, for use in the treatment of addiction, especially alcohol addiction and the way the world is going there are expected to be mounting addiction problems most everywhere, yet even though this is so, its stock has been in a severe bearmarket from early last year that has erased more than 90% of its value, so it is believed to have a lot of upside potential from here. It is thus encouraging to see a confluence of factors on its charts that point to a new bullmarket beginning very soon.
On the 26-month chart showing all of its history we can see the severe bearmarket that began in January of 2022 which by the time it hit the low for the year in November, had eliminated most of its value. Even though it has recently made new lows the basing process is considered to have begun with last November’s low. We can further see that, after a premature attempt to break out to start a bullmarket in February, it settled into a converging downtrend up to the present, which is a bullish Falling Wedge, and we will now look at this in more detail on the year-to-date chart.
On the year-to-date chart we can see the Falling Wedge that began to form from the February peak in detail and the first point to note is that this channel is converging quite strongly, even on a log chart, which this is – and the more such a channel converges, the more positive it is. The next point to observe is that as this channel has been closing up, downside momentum, as shown by the MACD indicator, has been dropping out with this indicator starting to enter positive territory. In addition, in recent weeks, upside volume has been increasing noticably, driving the Accumulation line quite strongly higher, which certainly bodes well.
It is thus interesting and highly relevant to note that the company is approaching the completion of a funding at 46 cents which is was way above the current stock price and the fact that this funding is being well taken up at this higher price is a clear indication of confidence on the part of investors.
AWKN Life Sciences is thus considered to be an attractive investment here and not unduly speculative at this level. Since it is suspected that a small bull Flag is completing here, we may soon see a breakout from the Wedge pattern that triggers a significant advance so this is viewed as a good entry point. The stock trades in reasonable volumes on the US OTC market where limit orders should always be employed. There are understood to be a relatively modest 35 million shares in issue which will be increased by the funding now approaching completion.
AWKN Life Sciences Corp website
AWKN Life Sciences Corp., AWKN.CSX, AWKNF on OTC, closed at C$0.26, $0.183 on 27th July 22.
Posted at 9.20 am EDT on 28th July 23.
