Nice to come home and see $3.09 instead of $3.....
I haven't chimed in on the technical picture for quite a while because, with volumes being so incredibly thin most of the time, I don't consider indicators to have even a decent degree of reliability. Even 100K is penauts for a stock that has almost 200 million shares outstanding...if 100K was a slow trading day, that would be different. Instead this is only the second time we've gone over 100K across all Canadian trading platforms in 2019.
But with that being said I am seeing the potential for a technical event within the next couple of weeks that could be signficant I believe. It relates to the convergence that's happening between the 50 and 200 day simple moving averages....they're basically on a collision course, and RVX has been trading in between the two for about a month now.
The 200 is climbing steadily and is right now at $2.94, the 50 on the other had is pretty much flat (maybe a very slight downtrend) at $3.17.
To me this suggests a move is coming...either a break out (up) or a break down (drop).....sometime before the 2 converge I do think we'll see a sizeable move one way or the other.
Given the potential for news in the next couple weeks I'm hoping obviously that it is up and that we get the perfect storm.