All, thought I might offer my view on chart and likely near term price movement. Near term I can see this potentially dropping back to support of .045. Which also happens to coincide with 23.6% fib. Should this occur, likely to bounce around between this support level and overhead resistance of .056.057/.
The basis of this view is that is share price is currently running well ahead of the 20 day sma and is very likely to return to this median point. Share price has been “walking the bolly bands” (not shown) for about the last 5 trading days. Today was the first close well within the bands. Indicative (to me) of a return to the median. Bollinger %b & RSI also supportive of this view.
Couple of observations regarding volume. Today’s drop and close was on thin volume well below 20 day ema which suggests no real selling pressure. Price was very strongly supported on Friday with above average volume and strong support indicated by the long tail where the bears tried to force the price down. Very likely to stop any technically negative price drop. I believe that price is unlikely to fall below 8 day ema but more likely to converge with 20 day sma. Any price fall is likely to be a ‘drift down’ as traders move on and interest wanes waiting for lab results.
MACD still looks very positive (not shown)
View attachment 2967094I consider the above scenario the most likely direction of price action until such time as an announcement is made.
It’s all dependent on the timing of any announcement(s) and of course the nature of the announcement(s). Quite bullish on this stock so obviously of the opinion that announcement(s) will be positive.
Please note that AIMO
GLTAH
Charlie
