A-Sonic Chart Analysis: 50% Fibonacci Retracement Level

A-Sonics has dropped to slightly below 50% Fibonacci Retracement level at 0.092. The penny fallout across the market definitely has an effect on the price drop. Furthermore, the company CEO brought 250,000 shares at S$0.12496 each at open market on 1 Oct did not help at supporting the stock price. This is a negative sign to prospective buyers.

Oscillator indicators like STOC & CCI are in oversold region. Next week direction will be dependent on the market sentiment toward penny stocks. Average daily volume is relatively low as compared to during the surge on 9 & 10 September 2013. Are the buyers holding back or are BBs pushing the price down to force more shareholders to let go their holdings?