The market looks like it's tanking to me. It just gave up the 200 day MA it has been barely holding on to for about a week, & fell right through the 9 day MA. If it can't hold 1086 it's going into the toilet.
I think it would be more accurate to say that CNOA will continue to trade between the bollinger bands. If that lower bollinger band starts trending down, it'd be smart to reevaluate what you consider the floor.