I have been following this compnay for over 3 years now and have moved in and out several times and made a lot of money. But with the numerous management and accounting changes, lack of direction for a solid business model, company silence, and low daily volume of their stock, I believe the PPS will drift slowly down into the low 20's. I would then look to start a position at about .20-.23 and maybe average down if it falls another nickel. And before anyone thinks or says that it can not and will not go that low, think again. It has been there several times in the past and will be there again. Always BUY VERY LOW and SELL VERY HIGH.
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.
This is just another day-dreamer. If it drops to 20s, the new chairman will buy out this company. Why not? Cash is 44 cents per share and you get two businesses for free. Remember, the chairman has a fund management background. Xu may have already sold some shares to Kyle Jiang's fund.