Hi Team
I'm new to OGX. I'm not a holder yet but I'm looking to get in. I agree that next week will be an interesting one. IMO the likelihood of a deeper pullback and a retest of the breakout is higher than the probability of an extension of where we are now. If there is a pullback to 6c I'll look at getting in then, otherwise, I won't be on this boat.
On the other hand, if the breakout is as powerful as the one in September 2015, it is possible to stay this extended above the 50MA and run to 18c.
RSI is very overbought on the weekly chart
A retest of the 6c breakout would be healthy and if we dipped to 5.8c the gap would be filled, I think it's unrealistic to fill the 3c gap.
Pull back scenario support levels
5.8c- Healthy. Natural level + 38.2% retrace
4.9-5.1c- A little worried. 50-61.8% retracement
<4c- Dealbreaker
Continuation of uptrend resistance levels
8.5-8.9- Weekly gap, we're hesitating to get through this level which is why I'm slightly more bearish in the short term.
12.5c Natural level + 50% falling retracement.
17-18c Strong resistance, if we go through the sky is the limit.
