inftie
Long

Bottom may be in

ASX:NVO   NVOI LTD
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Approaching upper resistance (medium term downtrend). Ideally a weekly close above and that will signal the next run
Oct 04
Comment: Price is probably going to test $0.008 within the next week given the selling at $0.009. If there is no bounce, we may be looking at more downside (slow bleed). If good news comes out, expect traders to pile in and push the price to at least 2.5c (price target determined by wedge height)

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
Oct 15
Comment: 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
Oct 25
Comment: 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
Oct 30
Comment: Past few days have seen some good positive momentum return. Next price target is 0.019.
Nov 08
Comment: Depending on the weekly close, price action could signal a reversal back down to 0.01 or lower
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