Two daily charts for OGX are shown below. This first shows how the SP is currently in a squeeze pattern between the 50MA and the 200MA. The WaveTrend indicator looks like it is trying to turn down again, from the same levels that it has turned down from in the recent past. The quarterly is due on 31/07 so I guess the nature of the news along with the reaction of the SP, i.e. a close above the 50MA (GOOD) or a close below the 200MA (BAD), will tell us in which direction the SP will go moving forward.
The second chart shows how the other indicators (MMAs and Anchor Zone indicator) also reinforce the importance of the 7c and 6c levels. Long Term Momentum is still sloping up but the stochastics are both now headed down. So best case is that the SP goes sideways until 31/07. Then again if the before mentioned levels are broken on higher than average volume towards the end of next week I’ll be forced to make a decision re my holdings, i.e. add to or liquidate. You could say that I am watching for a “leaky ship” signal towards the end of next week. I still believe that OGX has a lot of potential as an explorer but I think the market is expecting/wanting good production figures. If the market disapproves of the quarterly I’ll be looking to get back in at around the 4c level.
Good luck everyone – and remember DYOR.
Wilf -
OGX Price at posting:
6.9¢ Sentiment: Hold Disclosure: Held
