Judging from this afternoons OGX SP price action your "ascending triangle" pattern has now been broken, i.e. no longer valid. Care to update your SP forecast?
Looking at the Order Book it doesn't look like there is enough buyer volume to push the SP above 10c today. Although as we all know, with OGX the buyer and seller volume in the Order Book can change significantly over a matter of minutes. However, the million plus shares available at each price level from 10c to 12c doesn't seem to change all that much. Actually the daily chart has identified an "anchor zone" at the 10c to 10.5c level based on the high volume buying that appeared on 19/02 and 20/02 (see chart below).
Note also that the short period stochastic cycle indicator is now overbought, but this doesn't mean that the SP can't keep on going up while the Stochastic remains overbought. For those HC posters/readers that get excited when they see what I call "feel good" charts (just have a look at the very first chart on this thread), I've included a fib level indicator on the chart that predicts a target price of 19.5c on the next longer term price impulse move. The question is how to determine when this impulse move has actually started. I think a break above 10.5c is required.
Big thankyou to you mate..your charting and analysis is first rate..much appreciated.. My reverse cup /handle thing is just my own theories..and yes their is no technical name for it..
I just studied some charts(way to many hours).. and saw a strong possibility for some nice uptrend and some decent movement in regards to the SP..
Some of those lines you mentioned have been broken ..basically the same ones I saw about to move....Again I want to say thankyou as I genuinely appreciate your intellectual input..Further more I hope all holders were happy with today's movements..
And we can finally put to rest the last few weeks annoyance in regards to SP..
Next two days are vital....no re clarifications
Good luck to all..
View attachment 1060903
And for all of you who are now hooked on Heiken Ashi and Ichimoku Cloud charts and trading (not many I think), updates are provided below.
The Heiken Ashi chart first. As you can see on the Close of Friday the HA bar did change to blue, but it had a significant lower tail. I went back through my notes re HA trading (from about 5 years ago) and the rules I decided on back then were that there shouldn't be any lower tails on the candles and the HA Close should be above its 8 period EMA, and even better above its 50 period EMA. As you can see base on the 3pm data all these conditions were met today. Hence - Heiken Ashi says BUY!
View attachment 1060906
And finally what does the Ichimoku Cloud tell us (I'll skip the Dochian Channel stuff as it doesn't provide mush value), see chart below. A you can see the SP has broken abobe the Ichimoku Cloud and the Tenkan Sen Line (blue). This is an Ichimoku buy signal. However the SP is still below the Kijun Sen Line (red) and the level of the Kijun Sen, which identifies o[potential longer term resistance, is 10.5c.
View attachment 1060945
Dam!! that 10.5c level again. Yes I think I'll wait for a good break of the 10.5c level. I just hope it doesn't break above 10.5c and go straight to 15c or 20c over a 5 minute period after the imminent "shortly" to be released announcement we have all been waiting for for more than 2 months now.
Good luck everyone.
