ORV.TO set up for ABC up to 49 cents CADall,
So the bashers are droning on and on about ORV being "dead money", and about Orvana's terrible management, and about the OSP in Bolivia being delayed, and Orvana's share price of only 24 cents even if it is a double off the 2020 12 cent bottom in the share price.
So, if you pull up a point and figure chart of ORV.TO on the TSX on a 4 percent box size, and add share volume by price, one notices the following features:
1. Maximum buying and selling is at the 17 cent CAD price point.
2. Market makers have been unable to push ORV.TO below 23 cents CAD since August 2020.
3. The 1600k shares added in June and July 2020 at prices between 16 and 23 cents are in a winning position with respect to the current price, and nobody is selling! Period, full stop!
4. Everyone who bought between November 2019 and June 2020 is in a winning position, and based on the current trading action, NOBODY is SELLING!
5. Based on the trading action in ORV.TO my conclusion is that ORV.TO is setting up for an ABC up in price with the A to B leg between 11 and 37 cents, the B to C retrace from 37 cents to 23 cents, to be followed by a C to D move from 23 cents to 49 cents CAD as the 1:1 target on the ABC up.