I'm not down ramping nor do I have a hidden agenda, I'm just reading the chart as I see it. I was in at 8c and out at 6c and now I'm looking for a re-entry. I'm surprised we're down at this level myself but that's what happens with a stock that's going into production with limited cash and a large retail holding. As I've said earlier, volume on the way down has been modest and you can tell by looking at the daily market depth that it's small retail holders exiting, it's a fraction of the volume on the run-up.
However, what I'm now seeing is an accelerated rate of decent and more time spent at the bottom of the trend channel, this is very typical as we approach the distressed selling phase of the cycle. I think we could see a sharp move down on elevated volume, similar to that in Feb 2017, as we reach the selling climax and fill the 2.7c gap. The fact that we blasted through all retracement levels suggests to me that the uptrend to 13c has failed and we now need to reestablish a new trend which involves:
1. Distressed selling phase
2. Basing pattern (sideways move at support for a few months)
3. Renewed confidence
4. Markup phase
Disappointing, I agree. I wish my analysis returned better results for you all but it is what it is until it isn't.
Cheers
OGX Price at posting:
3.6¢ Sentiment: None Disclosure: Not Held
