NanoViricides Inc. (NNVC)

[Trendliner]

AMAZING SUPPORT LEVEL

Even after all these years of practicing technical analysis, it amazes me how well support and resistance price levels function.

The current support, in the 1.50 to 1.60 range has been holding since May 5th, but it's getting long-in-the-tooth. On the bar chart it's taking the form of a descending triangle, a classic text-book chart pattern. In theory it could remain within this pattern until early July but that's not likely. A more probable scenario would see the stock breaking support ( close < 1.45) by early June.

The pattern is interesting because of its ability to project the extent of the next move when it occurs. Using the so-called half-mast rule it would project a price decline on the order of 55% from the price of 1.70. or about 75 cents. This is wonderfully consistent with other targeting methods.

Only a major bullish event can save the bulls now. Of course if one were to sell now and then re purchase lower, it would start the long-term capital gains clock ticking again. You would need to hold for minimum 12 months to get the lower tax rate on a gain. But with NNVC history, a 12 month hold is the least of your worries.

I become interested at 50 cents.

Hope you find my analysis to be of some value.

trendliner.