mid-term prospects

Hi all,

I really like the way my chart on OVR is looking and I have taken a significant (for me) position in this stock in the last few days. Here's my take on OVR, for what it's worth.

Price made a low on 29 March on the first reaction line of the pitchfork (line R1, which is the same distance from the line P1 P2, as is the pitchfork's point of origin at P0) before moving away from it. This was expected, but in doing so, price also respected the Trigger Line (see purple line from P0 through P2) and although it closed on that line on 29 March, it did not breach it before successfully retesting the support of the 1st Warning Line on 1 April then rising away on good volume. A very good sign to my way of thinking. I also like the way the EMA 8 has crossed up over the EMA 41 with such strength in the last five trading sessions.

Since price always tries to return to the Median Line of the pitchfork, the outlook for a strong run over the next month is very promising. I would expect price to form a high on reaching the next reaction line (see the green R2 line in top right corner). In the process, price may rebound initially off the Lower Median Line Parallel (as a resistance line) and need to retest it before punching through, but that is normal and is to be expected.

My assessment is that this stock demonstrates very strong potential in the mid-term (next three months) and I'm happy to be on board.

Regards,
Bones