Technical Analysis of OAL: Part Two - On 22 Jan 2017
OAL broke the Major Resistance at 28 but it seems to have
lost strength doing so (as discussed in http://imti77az.blogspot.com/2017/01/technical-analysis-of-oal-on-9-jan-2017.html).
Importantly, this could give an “opportunity” to enter at
a lower price (thus, reducing risk) than current levels. I am assuming the first run ended on 16 Jan
2017 at 30.7
28 is now a support and also first Fibo retracement – but will it hold? Let's see.
Looking at possible Fibo retracement scenarios; if OAL falls further on declining
volume to around 23-24 zone and then reverses on a “good” candle – an entry could be planned. Stop loss would be 21.4.
*(Note: TA is not a Science; it works 60-70% of the time so don’t be hooked on to the exact numbers – please allow some flexibility).
*(Note: TA is not a Science; it works 60-70% of the time so don’t be hooked on to the exact numbers – please allow some flexibility).
*I usually work with Un-adjusted charts - so I drew from low of 18.8 (there was stock dividend in between which might also affect the numbers).
Best wishes . . .
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