IMO - I doubt that there are very many "newbies" piling onto OGX. However, if there are, and especially if your new to the stock market and HC, here's a bit of food for though (and heck some of those who have been around a while might also find this interesting?!):
1. Between 28-12-17 and 18-04-18 (period 1), OGX SP rose from $0.033 to a high of $0.135 (09/03/2018) and then retraced to an intraday high $0.77 on 18-04-18. The total churn over of shares traded during this time was 823.5 Million.
2. After 18 Apr 2018, the daily volume of trades has dramatically dropped which is easily observed on the chart.
3. Since 19 Apr to 4 Oct (period 2), the total churn over of shares traded during this time has been 228 Million, ie only 28% of those traded between late Dec and mid Apr.
4. Since 18 Apr, the share price for the intraday high has dropped from $0.077 to $0.029, ie 62.5% drop.
There's several observations that can be made from these stats, but one that occurs to me, is that a relatively small churn of shares, can push the share price down by a significantly disproportionate level. This can be fairly easily achieved, if an entity/person has managed to accumulate a large holding (especially if it was in the early days prior to the SP hitting a gallop on the way up), and then carefully picking their moments to dump shares in large volume, thus feeding FUD intended to spook holders into selling and/or an attempt to trigger stop losses.
This morning's approx 1 million dump, could be interpreted as a very good example of such a tactic.
The trading this week has been very slow and light, with only 84 trades all up for the whole week, or an average of 17 trades each day (ASX data only).
Period 1 had a daily average of 210 trades and Period 2 had a daily average of 56 trades. Even Sept had a daily average of 40 trades.
My interpretation; churn is drying up, those that are going to hold are holding, those that were going to buy are done accumulating.... it's now a waiting game.
If you're new to OGX, welcome aboard. I hope you've done your research on why you bought. My suggestion, have faith in your research, use HC to help question and/or support your own conclusions and work out who is worth paying attention to and who is not.
Best of luck all and enjoy your weekend (and those moving your clocks forward this weekend - enjoy your slightly shorter weekend
![Stick Out Tongue](styles/default/xenforo/clear.png)
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