I would have preferred to see it close strongly into the close (even if at the same closing price as it ended up)rather than peak mid-day and pull back from there, but there are positives from a charting perspective:
1. The pattern loosely completed a morning star doji (imo) 2. ORD finished green when a lot of the market finished red today so the pullback from the mid-day peak could be more related to the general afternoon pullback 3. Volume was good @ > 7M 4. The current consolidation is looking like its forming a higher swing bottom 5. Bullish cross forming on the Stoch
But while from a charting perspective its looking good, I havent mentioned the fundamentals - I havent studied those very closely yet and like SSkim I'd like to understand what the quality of the management is like, but certainly any fundamental news relating to bauxite & copper or ORD's mining/eploration activities can have a big impact.
In summary, for me the chart shows a good probability that we will see further upside in the short term. I think we could see 7c relatively easily due to the gap yet to be filled, but how far after that will have to wait & see how the momentum looks.
Cheers, Sharks.
VAN Price at posting:
5.7¢ Sentiment: Buy Disclosure: Held
