Mid-Day Review & Analysis 7 June
VIVOCOM consolidated this morning in light bargain-hunting buying and settled the morning unchanged at 28.5 sens.
Volume remained thin at 16.6 M shares.
Volume distribution showed that sellers were the aggressors, giving to buyers 76.9% of morning's trades.
Some people are
bottom-fishing because prices are at their consolidation lows and the extremely low volume over the last five days have given them the impression that prices may have found a temporary technical-bottom.
In any case, the 28.0 sens level remains an important chart-support while resistance is seen at 30.5-31.0 levels for the immediate term.
At close this morning, the Quantitative Algorithm signals retained it sell-signal, indicating that the negative gradual downward cycle is still intact.