#OMI #OrosurMining - Technical retrace in progress
Saw some noise about this being an exciting company, so though I'd check the technicals out.
For starters, what goes up very fast is often overdone and needs to cool before the next leg. It tried to bounce near the 50% mark but this fizzed out, meaning an ABC correction (Wave 2) is still ongoing.
In that case I'd set two targets for a trade entry:
(1) Where we could have a symmetrical "A=C" ABC, the endpoint of 'C' would also fairly close to the 61.8% retracement line. Not a bad coincidence. Around 5.9 to enter there.
(2) If 1 doesn't hold, then look for the typical 78.6% retracement as often happens in AIM. Just above 4 would be an incredible R/R point if it ever gets there.
Indicators on the 240min chart show that RSI could head a bit lower if it wants, despite the Stochastic being oversold already.
A good stock to watch and wait for the right opportunity. Might not be all that far away.
For starters, what goes up very fast is often overdone and needs to cool before the next leg. It tried to bounce near the 50% mark but this fizzed out, meaning an ABC correction (Wave 2) is still ongoing.
In that case I'd set two targets for a trade entry:
(1) Where we could have a symmetrical "A=C" ABC, the endpoint of 'C' would also fairly close to the 61.8% retracement line. Not a bad coincidence. Around 5.9 to enter there.
(2) If 1 doesn't hold, then look for the typical 78.6% retracement as often happens in AIM. Just above 4 would be an incredible R/R point if it ever gets there.
Indicators on the 240min chart show that RSI could head a bit lower if it wants, despite the Stochastic being oversold already.
A good stock to watch and wait for the right opportunity. Might not be all that far away.
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