$ECHOIQ LTD(EIQ.AU)$ This is another company that really test our patience. From the charts, it is becoming apparent that patience amongst the investing/speculatively crowd is wearing out.
Those in the know or who has followed my previous posts would know that the company has been waiting for a FDA approval. Many deals have been signed pending this approval, so the FDA approval becomes increasingly weighted. The failure to get approval could spelt a large correction in the company shares price. Originally, the approval was gradually priced-in. However, with the recent reversal of price, approval triggered upside potential has also become a lot more mouthwatering, if there's a better word.
From chart perspective, EIQ is showing lots of weaknesses and has trended down. Double top appears to have formed, target price is a lowly 60+ cents. Yes, it could be ugly. But, call me silly... I am holding...
The investment community is missing the forest for the tree. Those selling out are weak speculative hands. They might be laughing at my silliness at the end of the day, but EIQ is not just building a AI based software. This is a lifesaving detector and could save our future friends, relatives and even ourselves!
For FDA, as far as AI is concerned, tighter scrutiny is necessary, since it's something so totally new and the trust might not be there... implications for treatment are seriously high, for something just using analysis of common read-up data! I mean we probably have those data all along, and suddenly AI comes around and "says", "hey! I can make out something useful out of those readings!" I am sure FDA needs to make sure AI is doing what it says it could achieve, repeatedly.
I would want FDA to do exactly that! Won't you? I am a believer of AI based analysis... and I believe this is early days... EIQ could go on to ride this wave with detection software on more ailments... so I will be sitting tight and enjoy the ride while the rest fall wayside... That's just me...
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