been having a good look at the chart and there seems to be a pretty clear ascending triangle. top of the triangle is 2c, started on 24/2/20. ascending triangles normally appear over 1-3 months although this can go longer, especially under current circumstances. they are normally formed in an uptrend but can also signal a trend reversal but almost always signal accumulation. traders normally trade on the break out of the triangle, IE once 2c broken, ascending triangles are generally a very good pattern to follow. 2c if broken would become the support level on breakout. normally this pattern is formed with reducing volume. with the low on 30/3 of 1c this gives an initial target of 3c on a break of the 2c level. with recent investor presentation suggesting "Project financing and strategic partner discussions well advanced" i wouldn't be surprised if said strategic partner is attempting to get a few shares cheap while they can. with improved project economics and pre collar drilling under way in the Fraser range, IMHO it wont be long until 2c is tested again.
ORN Price at posting:
1.6¢ Sentiment: Buy Disclosure: Held
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