OVN chart has been in a clear down trend since 4th. October with only a couple of very feeble attempts along the way to break that cycle. Not a pretty chart for the bulls BUT it MAY be nearing a short term bottom. Watch for a dead cat bounce from 0.445 low to circa 0.56c. ??
If OVN can clear 0.565c on good volume and make higher highs for a few days then the share may have broken the downward spiral. Markets tend to re test lows hence the terminology, dead cat bounce.
Some positive news announced by the company would boost the share price into the sixes but no news could see 0.40c broken on the downside. Stop losses broken at 0.40c would see something in the low threes come to light.
Those holding would be well aware of the volatility of this share which is thinly traded at times making entry and exit points difficult to execute, especially if trading reasonable size parcels. Long term, holders should win out on the fundamentals but some might get spooked out by the noise. Opportunities here for big wins AND or big losses if things go pear shaped. Not one for the feint hearted. Interesting stock with a nice story. Lets hope management can bring home the bacon.
OVN Price at posting:
48.5¢ Sentiment: None Disclosure: Held
