Realistically, I think a sell off like this is healthy for the float to raise the mean dollar cost average for shareholders. If we look at our average true range for each day alongside the total shares available, we see the float’s current secondary support rests at approximately 0.0057 with a primary support at 0.0064.
The main Pivot Point here is 0.0076 so we’ve essentially gapped up & filled that gap in this sell-off retracement for more stable price action. As CNNA continues to square away their SEC filings and other obligations amidst this grace period, these levels offer a healthy valuation of the stock in its present state outside of heavy buying momentum alongside a heated RSI.
I’m excited to see where this goes so long as no catastrophic news occurs and we maintain stability within the range of these levels, if not above them give or take 8 points of price fluctuation. OTCs can be a bit difficult to perform technical analysis on due to the limited data available, but having done this for some years I can honestly say this is one of the healthiest sell-offs I’ve seen in the OTC Market after a holiday.
I’ve seen abrupt news like a 15c-211 grace period throw an OTC so heavily under the bus it struggles to recover, so all in all the stability here looks very promising in my honest opinion.
I’d also be genuinely interested in any other speculative technical insights and opinions anyone has on the current state of CNNA. Deep down I’m hoping to stumble upon another TSNP to HMBL type move one of these days, a once in a lifetime opportunity that in this day and age of revolutionary technology isn’t so much a pipe-dream as it is throwing enough darts at the board haha.
Best of luck to everyone involved, especially DD_Dempsey, keep up the good work everyone!
