I believe this stock has been moving on technical patterns as opposed to all the media stories which were first bullish then suddenly turned negative. First of all the company has huge potential and is in an industry that is groundbreaking and revolutionizing to say the least. If their goals come to fruition then this company will easily be in the double digits if not triple in several years to come.
In the short term however it most likely will base out in the 7 to 10 dollar range over the next few months. based on past charts the stock spikes ( which started at the primary base of about 2 bucks a share ) then gets overbought and finally pulls back to slightly below the old spike. check the charts to see for yourself as it shows the recent spike is the 3rd in the past year. after each spike the stock pulls back and trades around the old spike levels. It's funny to see how so many people try to analyze why it's moving up and down. It's basically in a bull pattern and will trade accordingly meaning no news is necessarily needed for an increase in the stock price.
I luckily got in on this stock in the low to mid 2s on a cost average basis and just recently sold about 20% of my position above 10 bucks a share. I'm done selling for now and will look to buy more back as I wait to see if the stock does in fact continue it's pattern and base for awhile from this point on.
My play and opinion is to accumulate when it bases and either sell some shares on the spike which tend to at least double from the starting point or buy puts when the stock hits high levels and gets overbought on the RSI. I missed buying 10 dollar puts when the stock was at 13 something. Had an order in and missed it by a nickel. it would have made me about 5 times my money in two days had I purchased these puts. I am not willing to part with any more shares so I feel this is the best way to go about trading this stock as it may in fact one day break pattern on great news and skyrocket.
Ya it should flounder around with 6 being at the extreme low end. As long as it hangs around those levels over the next few months its time to pull the trigger and get more. I did see that ascending triangle last time and am now kicking myself for not buying calls. Happy trading to u
There is no support for the ONVO pump and dump. Only stock hitting the market non-stop. Firms were given cheap ONVO stock which they sell in boiler room operations nonstop regardless of price because they get it at a discount to market price -- google "floorless convertible".