I'm not a chartist but IMO accumulation is still ongoing. With the exception of the first sell off (not surprising as ORD was up over 100% on the previous days opening SP) all further upswings were on bigger volume than the downswings.
Right now the majority of those who bought in the last few days would be losing money. If ORD can get back above 10c in the next couple of days then all will be well as those bulls who bought high remain sated with the expectation of further profits. In that event ORD could move up rapidly just as before because there will be very little stock on offer.
However, let the SP drift too much longer and the impatient bulls will dump into any uptick for a small loss or break even at the first opportunity - and thus we will have "resistance" which may take some time to overcome.
Thus far Frank has been playing his cards like a grandmaster - I am impressed! Another good announcement such as the imminent JORC upgrade and our penny share price will be history.
VAN Price at posting:
8.1¢ Sentiment: LT Buy Disclosure: Held
