In Retrospect: OV, FLI

OV

OV’s resilience was no match for the current bear market condition. OV broke down and went to as low as 0.018. It is currently approaching the 130day SMA of 0.017. If it becomes successful at breaching the 130day SMA, next support would be the 260 day SMA at 0.014. Currently, the stock is very much oversold as RSI is now below 30. There may be a temporary bounce due to RSI. But currently this stock’s MACD has turned bearish, so eve if it’s selling at a “cheap” price, better stay out of this stock for the moment. Wait until the market gets better before getting in. The cup and handle formation is still intact, so this is still worth watching.

FLI

FLI further moved to as low as 1.80. A remarkable thing though for FLI is that even if it moved down with the market, there was not much depth in the sell down. If it moves down further, next support is at 1.68.