OSL is at a critical point: SP stopped bleeding at EXACTLY 50% retracement yesterday (0.115) and rebounded today as soon as it hit 200MA (0.105). Best of all, it closed above 50% and above S1 at 0.125 with an 8.7% gain.
Buyers are eyeing the 50% retracement level and rushed in for some bargains. 200MA also provided the much needed support.The SP did mender around the 61.8% Fibonacci level of 1.40 for 6 trading days. All these are telltale signs of professionals at work.
The Bull Case: If buyers reckon it is cheap enough and the CE mark approval is around the corner, they would start to buy and create a FOMO run from here. SP would recover to 1.40 then 1.70 according to the Fibonacci levels. The upside is +9.3% then 36%.
The Bear Case: The SP is very close to the 38.2% level at 0.095. It is also the bottom of the current uptrend. If the weaker hands panic and sell to the professionals, it could reach this level. Technically if it did touch the lower channel line and bounce up from there, the uptrend is still "intact". So the current downside risk is -24%.
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