Definitely a gut call. I'm setting the market's appetite at 0.035-.04, where the activity seems to attract most buyers and sellers, whether retail or mm positions, PA seems to be short-term sticking to this point.. However, Feb 4 volume tried fighting up to .06 and failed, price hasn't been able to crack .045 since.. OTCMMs are probably putting up a wall here (won't be able to tell for sure), keeping liquidity high and taking in more on the spread. If we go back to Jan 28 we had a clear reversal ohlc trend.. that entire week had highs/opens higher than closes, capped off by a very weak Monday opening on the 28th... Even when the Feb 5 volume rolled in, the weakness continued. I don't think it's over.. In this case my gut is telling me the path of least resistance is still in the price dropping. The fight to 6 cents is more challenging than a drop to a truer support/bargain level at < .035 from a longer term view.
The volume is in, which is good. The next signal to me would be 2 or 3 sessions in a row where the close is above the low of the day. These lows should be below 0.035, at which point if the opportunity presents itself I'll jump in on the next reversal. Ultimate support is at 0.02 and it is not out of the question. TYG