NanoViricides Inc. (NNVC)

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LONG-TERM SUPPORT HAS HELD: MARKET NOT READY TO GIVE UP ON NNVC YET

The volume today was extraordinary. Although long-term support was tested at the day's lows, enough buying came to maintain the nearly decade-old support zone (0.95 to 1.05). Enough of the market interpreted the 10-K as saying there is still life in this old bird. The next week of trading will be critical in confirming the support. In other words, it must continue to hold.

Most likely is a new trading zone for the stock between 95 cents and 1.20/

The most bearish factor from today's action was a serious decline in On Balance Volume. Using one-minute data, the OBV curve did not rebound with price after it made its low at 94 cents. OBV was near its negative extreme at the close of the day. This says the stock is not out of the woods yet.


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