OGX (ASX) OGX Chart

Originally posted by wilfran1pm ↑

An update to the OGX daily chart is shown below. Looks like Jmax88’s “Basing Pattern” is currently in play. The 3.6c level has held the SP and it would appear that resistance to the upside lies between 4.3c and 4.5c. To confirm this scenario the SP will have to stay above 3.6c and break the top of the current downward sloping trend channel. Momentum is dead flat, as can be seen by the slope of the WaveTrend indicator. Still looking for a relatively high volume breakout to the upside prior to contemplating any change in trend to the upside.

View attachment 1289303

I wouldn’t have posted this chart update except for the very unusual volume traded today, as at 1400 that is. I mean to say, zero shares traded on the ASX. Are the speculators just as confused as I am now after the “Prospectus” announcement yesterday? I was confused about the capital structure of OGX prior to this! Or is it just that the only potential buyers and sellers left are the die-hard LTH’s not willing to give up their shares. You know, like crusty old barnacles, well and truly underwater but still holding on as tight as they can, hoping for the tide to change direction. Sorry guys (LTHs that is), an old analogy but one that amuses me. Now there’s a challenge to the LTHs, why not come up with a Trader analogy that I can add to my “HC quotes to remember” list. Something to think about while there is zero action in the OGX order book.

Anyway, good luck everyone. I really do hope that the @Jmax88 basing scenario is in play.

Wilf

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Excellent analysis, Wilf

I'm probably going to scare some people here and I really hope I'm wrong but the below chart is more what I had in mind. This stock has made this pattern before as high hope promises are broken and the rest is human psychology. Reality kicks in as people come to the realization that expectations are not being met which triggers the final phase of a downtrend- panic selling.

Had the pullback been closer to 50-61.8% of the run-up then the possibility of a sharp turn around and resumption of the uptrend would be greater. The fact that we're now at 85% retracement with no sign of slowing is a strong indication the uptrend has failed and we now need to begin the cycle again.

Again, I'm not a downramper with an agenda, just reading what I see, looking for an entry.

Cheers