Orecorp - gaps to be filled

ORR looking interesting at these levels. I think the opportunity for the share price to move higher from here in the short term is high. I have to agree with @PaleoBro , with the first gap at $0.25 being an easy target. In the absence of further bad news out of Tanzania, I think we have seen the bottom in price for the near term. Good to see a few other Tanzanian stocks find support over the past few days with KNL, BKT, VRC seeing on market support come back in.

It's a little hard to tell how many shares Ely Griffith still hold, as their change in substantial notice didn't provide the back pages. However if we go off their top #20 position reported of 9.2mil shares and the weekly volume last week of 7.2mil being traded (we can assume that Ely was most of this volume), my guess is that they have a couple of million shares left at best to sell and that's probably them loading the offer at 20c.

For those looking for some liquidity on the buy side, this may be a good chance to deal into to accumulate size.

For short term indicators, the daily chart has plenty to talk about;
I like the fact that the price is back inside the low end bollinger band after tracking outside the keltner channel.
Stochastics have crossed over, as to has the RSI, both of which coming off extremely oversold levels. MACD will be the last to turn positive once a move takes hold.

First stop would have to be $0.25, with the break down occurring from $0.375 on the cards. I think we would see a move back to the $0.375 possibly off the back of some good news flow / clarity on the change of mining laws to the positive skew of ORR.



The weekly chart also looks interesting;
I can't say iv'e seen price action that gaps a price below the 200 weekly MA in a while. With the 200 week MA coming in at $0.20, this will provide a level of resistance in the short term. Stochastics and RSI both in extremely oversold territory means that the majority, if not all of the negative price movement has played out, with the chance to move higher in the near term occurring without much effort. Worst case, if we can't see the share price get back over the $0.20, then $0.15 could be on the cards, however I don't see the likelihood of this happening very high, unless we see another insto / large shareholder pull the rip cord. I give this a low probability of occurring based off the above

Worth a dabble in my opinion...