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Source: Clive Maund 08/04/2023

Technical Analyst Clive Maund reviews Awakn Life Sciences Corp.’s 26-month and year-to-date charts to tell you…



Source: Clive Maund 08/04/2023

Technical Analyst Clive Maund reviews Awakn Life Sciences Corp.'s 26-month and year-to-date charts to tell you why he believes it is an attractive investment.

Awakn Life Sciences Corp. (AWKN:NEO; AWKNF:OTCQB) has been advancing toward 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 almost everywhere, yet even though this is so, its stock has been in a severe bear market 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 bear market 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 noticeably, 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 funding at 46 cents which is 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.

Awakn 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.

Awakn Life Sciences Corp.'s website.

Awakn Life Sciences Corp. closed at CA$0.26, $0.183 on July 27, 2023.

Originally posted at at 9.20 am EDT on July 28, 2023

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Important Disclosures:

  1. Awakn Life Sciences Corp. has a consulting relationship with an affiliate of Streetwise Reports, and pays a monthly consulting fee between US$8,000 and US$20,000.
  2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Awakn Life Sciences Corp.
  3. Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
  4. This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
  5. This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.

For additional disclosures, please click here. Disclosures

The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.

( Companies Mentioned: AWKN:NEO; AWKNF:OTCQB, )

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