No, abk did not really trade as low as 2 cents, it was just a fluke on the first trading day after BK annoucement.
I agree with you on all the TA anlasis for PBSOQ. But looking at the case, the main difference for EC in PBSOQ is that they seem to be in the driving seat now. The debtor was in bed with the existing DIP provider, who was in bed with the formal CEO to steal the company. With the new financing, Steel is going to be out of the picture once they are fully repaid.
One of today's court agendar item is EC asking the court to deny debtor's request to extend their exclusivity. I'd expect the court to modify it so that the debtor will share the exclusivity with EC and creditors committee, so that EC could file their plan early next Month, if not terminating debtor's exclusivity outright.