OPK- consolidating or Bull run over?
OPKO came out of its slump in late September. It had been oversold prior and needed over month to build up momentum again. It went over two week rally of roughly 4-5% gain everyday.
The rally stopped the down trend line from mid summer.
Interesting to note the Oct 12 was the day of the 10 DMA crossed the 50 DMA. The PA immediately want lower to test the 50 where it found support. The next day gapped down but quickly came back above the 50 and crossed the 10MA again. RSI was very overbought and needed a reset
What's going on now ? What the picture going forward?
There is a consolidation box between 3.90 and 4.25. The stock spent a week and a half in this zone on the earlier rally in June. It is currently in the box now.
The 10 MA is above acting as resistance but is rising. The 20 MA is about to cross the 50MA likely in the next two trading days
There are two RSI trendline, both rising
The long term support just held and bounced. There is a steep trendline below, this was the resistance line that was breached at the start of the recent rally.
Sideways price action will meet the downtrend line. With bullish MA crossovers, RSI reset and riding support I'm guessing we have another solid leg up.
I have some naked Dec 18 calls which i bought in late September. I also have a Nov 20 $5/$6 call vertical i bought on the pullback this week.
The rally stopped the down trend line from mid summer.
Interesting to note the Oct 12 was the day of the 10 DMA crossed the 50 DMA. The PA immediately want lower to test the 50 where it found support. The next day gapped down but quickly came back above the 50 and crossed the 10MA again. RSI was very overbought and needed a reset
What's going on now ? What the picture going forward?
There is a consolidation box between 3.90 and 4.25. The stock spent a week and a half in this zone on the earlier rally in June. It is currently in the box now.
The 10 MA is above acting as resistance but is rising. The 20 MA is about to cross the 50MA likely in the next two trading days
There are two RSI trendline, both rising
The long term support just held and bounced. There is a steep trendline below, this was the resistance line that was breached at the start of the recent rally.
Sideways price action will meet the downtrend line. With bullish MA crossovers, RSI reset and riding support I'm guessing we have another solid leg up.
I have some naked Dec 18 calls which i bought in late September. I also have a Nov 20 $5/$6 call vertical i bought on the pullback this week.
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