Yesterdays follow-through up day was limited by the 50 day MA and it looks like ONVO will struggle a little to break above that key technical level; but once over the 50 day MA it will tend to act as support. Once over that level the challenge will be to over-come the grouping of prices from 2/25 through 3/11 which means it needs to break above $4.46 to resume some up momentum. Yesterdays volume was not enough to show near term buying, but today's news release again mentions an up listing to the NYSE or NASQ so I know they have that on their minds, agenda and they are pumping that possibility. Perhaps it will encourage some enthusiasm that ONVO management has a clear focus on getting "legitimized" by leaving the pinks. There is no doubt that it would be a good development in that more folks will be willing to own and trade ONVO if they get on one of the bigger exchanges. I see resistance today at about $4.17, if it breaks above $4.19 it could go to perhaps $4.33 before it runs into more resistance.
Are technical analysis' usually accurate/helpful for small volitile stocks like onvo? I'm pretty new to investing and I greatly appreciate your input to the board, I just wonder if your analysis applies to onvo the same way it would for a more established company with revenue, profits, ect. But I do really appreciate your posts and i would love to learn more about how you derived those price points. Seems like a useful thing to know.
I'm all for technical chart analysis, but you must consider that the "smaller the herd" the less influence "herd forecasting" techniques will have. A real news item, or sudden market interest, will have much more effect on ONVO at this point because of its low volume.
That is true; but numbers need to come from someplace and technical analysis captures some of the source information supporting numbers because people use anchors and key relationships to figure things out in some Darwinian evolutionary process.
But give me some good old news to wake up the process, lol
Also, you should watch the line that defines the declining tops as it seems that ONVO is just popping above that line and that is some progress in breaking the recent down move. The formation is called a pendant and it seems to be breaking upward right now, so lets watch and see if it can get any buying. Again the volume is the key. The quarterly report list of accomplishments was history; this stock needs some real news to generate buying interest and volume, IMO.