Two ASX Listed Stocks Giving Bullish Indications – PIQ, BB1 - Kalkine Australian Subscription

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Two ASX Listed Stocks Giving Bullish Indications – PIQ, BB1 - Kalkine

Proteomics International Laboratories Ltd (ASX:PIQ) is a medical technology company based in Australia. The company offers bio-analytical services and predictive diagnostics, specializing in proteomics—the study of protein structure and function. Their goal is to create and market diagnostic tools for long-term illnesses. PromarkerD, Diagnostics, and Analytical Services are the three business units that make up the company and are connected by a common technological platform. 

Proteomics International Laboratories Ltd (ASX: PIQ) had an eventful March quarter. The company raised AUD 6.5mn through an institutional placement, expanding its global shareholder base and strengthening its balance sheet. Progress continued towards nationwide commercialisation of medical device PromarkerD in the US. Furthermore, its OxiDx technology secured a European patent across 19 major European countries for its innovative fingerprick blood test to measure oxidative stress. During the quarter, the company achieved AUD 173,000 in cash receipts from customers, contributing to a cash balance of AUD 9.04mn by the end of March 2024. Despite a 3.5% decline in revenues, net losses narrowed by 7% year-on-year in the first half ended on 31 December 2023. 

Technical View: On the weekly chart, it can be seen that the stock price of PIQ has broken out of a long-term falling wedge pattern that was formed during an uptrend in February 2021. This breakout has been supported by a surge in trading volume, suggesting a high chance of further upward movement. Moreover, there has been a significant increase in trading activity, which further strengthens the bullish outlook. Additionally, the stock is receiving strong support from the 14-period RSI (Relative Strength Index), a leading indicator that shows a reading of 50.47, indicating positive territory. Furthermore, PIQ's stock price is currently above both its 21-day and 50-day Simple Moving Averages (SMAs), which is a positive trend indicating a potential upcoming rally. 

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BlinkLab Limited (ASX:BB1) is an Australian firm that develops and markets smartphone-neurobehavioral tests to help diagnose ASD, ADHD, schizophrenia, and other neurodevelopmental disorders. As biomarkers for neurological and psychiatric illnesses, the company's tests include prepulse inhibition of acoustic startle (PPI), eyeblink conditioning (EBC), and habituation of eye blink response (BlinkLab Tests). 

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