The fact that OBJ went from breakout of 0.079 to high of 11.5c...

The fact that OBJ went from breakout of 0.079 to high of 11.5c and then went back to 7c and 7.1c just shows the volatility of the stock.

Even the greatest chartist wouldn't have predicted price would come back that low, and those bought in the mid 8c at that time would have sold off either for small profit or loss.

I won't rule anything out as the SP may retest certain low that would even leave the most exp trader stopped out.

On 22/05 the SP gapped up from 7.6c and I expect support around 7.8c if it ever got there. After that it should resume the next leg up.

Retracing on low volume is very convincing of the upcoming up leg next week. Just 1-2 more down day to take all nervous sellers out like the previous down wave.

Planning to enter 1M shares btw 7.8c to 8.1c. Will be buying in small parcels, next leg up should retest the 9c very strong resistance.

Just look out for a small trading range with low volume which is the first sign of reversal. You will see exp trader buying up in small parcels prior to the herd, so as not to chase up the volume. Once their buy orders are filled, they'll stacked up the buy side with lots of fake buy orders in order to "pump" up the stock.


GLTA

cheers
PCYC

PS I'm a short term trader and have done a lot of swing trade and esp short sell and this IMO is a low risk entry around 7.8c, if it ever gets there.