Approaching upper resistance (medium term downtrend). Ideally a weekly close above and that will signal the next run
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Price was pushed down to $0.007 amid some heavy selling this week which has dried up today. Currently some light buying as the SP approaches 100 SMA. NVO needs news for it to break above 0.009
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Good figures in the annual report and positive updates in the quarterly pushing the price back up. Former support now turned resistance but going into November and December, I can see a run happening
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Past few days have seen some good positive momentum return. Next price target is 0.019.
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Depending on the weekly close, price action could signal a reversal back down to 0.01 or lower
Justification for this trade is that:
1) Company may be in the stages of a turnaround story (1600% boost to revenue but still far from profitability, decent partnerships that would ideally expand NVOI's client base)
2) SP has been smashed from ATH so chances are most dissatisfied holders are out
3) Roughly 2 months since early buying interest in August which has settled as short term traders exit their positions
DYOR