@frankster nice to see you visiting the OGX TA thread. I've been browsing through the other OGX threads but have just about given up on that. There are to many arguments and the speculative in-depth fundamental/technical analysis is a bit to much for me to digest, and I'm a prof engineer!
Just had a look at the ASX order book and yes there does seem to be some agreement re the current market value of the OGX SP with good high volume bids/offers in the range of 10c to 12.5c. Current bid/sell volume is somewhat weighted to the seller side, though this can change pretty quickly. The volume traded on the ASX so far today (@2pm) is only 6.7M shares which is below average. I wouldn't be panicking over todays SP drop. I don't know about you but I haven't seen a low cap spec stock CR that the market likes, there is always a drop in SP after the CR.
Had a look at the chart, see below. The high volume Close of 10c on 20/02 held the SP selloff this morning and this level around 10c is the current level of my 30EMA which for me is the Investor's Moving Average. This level holding is a very positive sign. Long term momentum and Trend is still headed up. The only time I would become somewhat worried is if the SP closes below 9c.
The market decides on the value of the SP, as it did this morning. I guess we will have to wait for all of these hopefully market pleasing positive announcements to arrive. In the mean time the SP will probably trade in the range identified above.
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