What can we say? The equity is still stuck. Today the equity closed down on low volume. Going down on low volume is typically a signal that there is not much strength to the downside. That does not mean that we should not remain cautious, but it does actually signal more strength at current levels that was exhibited yesterday. That still does not instill a massive amount of confidence does it?
The odds of going down to the 200 day EMA have gotten weaker with today's action. The odds of testing the 100 day EMA remain about the same. Essentially downside risk is breaking below $2.99. The upside potential, at least in the short term, is testing $3.15. I believe that the consolidation of moving averages has the potential to see this equity make a run rather than make a retreat. Stay Tuned.
Support and Resistance
Exponential Moving Averages - EMA's