Premarket PRPO Stock News: Precipio Inc up more than 30%

After exploding 172pc on Monday, May 3, Precipio is riding up more than 30% in Tuesday’s premarket.

The catalyst for the vertical lift-off? Amazon (AMZN) launched PRPO’s rapid COVID-19 antibody test on the world’s biggest e-commerce website. The 20-minute test can only be purchased by medical practitioners and institutions but can be delivered in two days using Amazon’s logistics system.

The test is being sold under the trade name MidaSpot and is produced by US-based Nirmidas Biotech.

PRPO price forecast: Where to from here?

After Monday’s blast, PRPO shares easily eclipsed the February 9 local high of $4.24 and ended the day at $4.95.

Important to traders will be the fact that yesterday’s close coincides perfectly with the highs of July 31 and August 4, 2020, the first and third trading session after PRPO’s last crazy spike – which hit $8 on July 30, only to crater below $5 in the subsequent days and eventually trade down to $2 in the next nine months.

Will Monday’s euphoria once again quickly dim? 

It is hard to say. With shares trading north of $5.70 in the premarket, and every daily moving average left in the dust, the next level up that bulls will aim for is $7, the close from July 30, 2020.

If this is surpassed, traders will target the high of last summer at $8.

If shares instead crater lower as happened in the previous hyper run-up, then bears will target the resistance-turned-support just under $4.

PRPO 1-day chart

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