Falling Wedge, oversold, Reversal soon?
Dropping in some basic long term S/R lines, its clear that this stock has been sold into a tightening wedge under some serious pressure from volume.
Lime-green line acts as the bottom of a channel and the bottom wedge support. And the dashed lines are potential profit targets.
NVCN has a very high probability of making a bounce up. However, the real money can be made on a true reversal which I think its to early to tell...we need more confirmation (another higher close, with volume close to the average of the last week). That being said, Never say never- its very possible that we see a quick pop and then a continuation of the down trend. If that happens to be the case, I will cut losses, and put this back on my watch list.
My next question is, what is the liquidation value of this stock? Its a bio-tech so it is probably pretty low, but at 10-12 cents, its got to be getting close.
Lime-green line acts as the bottom of a channel and the bottom wedge support. And the dashed lines are potential profit targets.
NVCN has a very high probability of making a bounce up. However, the real money can be made on a true reversal which I think its to early to tell...we need more confirmation (another higher close, with volume close to the average of the last week). That being said, Never say never- its very possible that we see a quick pop and then a continuation of the down trend. If that happens to be the case, I will cut losses, and put this back on my watch list.
My next question is, what is the liquidation value of this stock? Its a bio-tech so it is probably pretty low, but at 10-12 cents, its got to be getting close.
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