Organovo Holdings, Inc. (NASDAQ:ONVO) fell by -1.47% in Wednesday’s trading session from $1.70 to $1.68 and has now fallen 5 consecutive sessions. The price has fallen in 6 of the last 10 days and is down by -22.09% over the same course of time. There was a decrease in both volume and price. This is usually interpreted as a good sign as traders widely believe falling stock should see declining volume. Traded activity experienced a fall of -1.28 million shares and in total 4.06 M shares exchanged hands for about $6.80 million.
Inside ONVO’s Recent Trend
Organovo Holdings, Inc. (ONVO) lies in the lower of a very wide and falling trend in the short term, and this will normally pose a very good buying opportunity. A break down through the resistance trend line at $1.56 will initially point to a quick declining speed. Short-term traders are anticipated to see a retreat of -16.75% over the course of a quarter and, with 90% chance the price will be floating in the range of $1.30 and $1.82 in this timeframe.
Organovo Holdings, Inc. Technical Signals
ONVO has witnessed its long term and short term MA triggering a sell signal. Many traders watch for long-term averages to cross above short-term averages to signal the beginning of a downtrend. Upon corrections, the price will meet resistance from the averages between $1.96 and $2.06. A buy signal will be generated if it crosses above any of these levels. Its pivot point high generated sell signal on Monday October 02, 2017, which calls for additional declines until the stock forms a new pivot point low, as this could be a buying opportunity. The downbeat movement of both volume and price during the recent session is interpreted as a good sign because traders usually believe falling stock should see declining volume.
Organovo Holdings, Inc. (NASDAQ:ONVO) Support And Resistance Levels
There is no support from accumulated volume below today’s level and given the right condition the stock may perform very badly in the next couple of days. In case of gains, the next resistance from accumulated volume will not be far away from today’s level at $1.70, $2.07 and $2.08.
Accumulated volume is going to prevent the price from rising further at $1.70 and this action will lead the price to take a temporary pause or stay muted for a few days.
Organovo Holdings, Inc. (ONVO) Risk Assessment
A volatility based measure Bollinger Bands suggests this stock poses high risk. In the most recent session, the stock price hovered around $0.19 between high and low, or 11.45%. The average volatility for the past week stood at 8.14%.