Given our break of support, I'm now looking for a move down to ~$0.105
Currently moving between resistance @ ~$0.195 and support @ ~$0.105
Looking at the supportive volume around the $0.11 area, I would expect that current price action is part accumulation / distribution by different players. I don't think anyone know what is going to happen, however technically I would expect a bounce from the ~$0.105 level back to ~$0.15 in the short term.
There is now heavy resistance @ the ~$0.195 level so will need significant news to breech...but if you do - would provide great support.
Also please note, low volume (relative) for this current move down indicates a lack of supply, but also a lack of support.
From further analysis, I'm of the opinion that there is huge accumulation going on here, and we saw a failed test of the supply with the recent move to $0.17
I'm expecting another shakeout to occur, driving prices to ~$0.10 before another test of the highs (Wyckoff theory)
Look forward to more bearish action over the short term, followed by a huge rally once supply has been exhausted.
AVQ Price at posting:
13.0¢ Sentiment: Hold Disclosure: Held
