We know that SVP had acquired @ 21 million shares, or roughly 9% of the os, at around an average of .90/pps...so that position might be a strong area of support here...on the weekly chart the 34ema is at .89...that should be the next pretty strong support area if it gets there - so the 34ema and the fact that we know that SVP has shares at an average in that .90 pps range, will hopefully be our solid support level under a buck...So based on this, we could see a consolidation pattern here much like pgpdq did during their uptrend...I think we go into a sideways channel as opposed to a serious drop because of the aforementioned reasons plus we also know that we had big buyers in 1.00+ range...One would think that that would keep the price stable within this consolidation range...unless of course their is a big, quick shake as opposed to a slow bleed scenario...
We have some mm's shaking the tree and as someone previously stated...getting shares from retail...I wish we knew who has been buying in the $1+ range...
Now on the upside of the chart...that 1.50 area is resistance but will be a strong support level once broken because you can see that it consolidated in that range for a while prior to bankruptcy...beyond that we will have some resistance levels, but major resistance is on the weekly around that $5 pps range as you can see on the chart how it consolidated in that range prior to bankruptcy...once we break that we have strong support there...
Keep in mind, I am looking at the weekly, and the current week is not over yet, but it's good to take a look at the bigger picture here, and what possible scenarious might play out...
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