OSP - where to from here?
We look at ASX:OSP after a rapid mid-year rise and subsequent fall-off.
An interesting stock to watch over the next week - a movement away from Support 1 is likely and even trading sideways would see the four-month downtrend broken.
- After entering the downtrend in August, ASX:OSP hit a support of $0.022 before failing to break through 0.618 fib resistance. Subsequently the previous support of $0.022 turned into resistance.
- New 'Support 1' of $0.018 was found which ASX:OSP has looked to have bounced off at the start of November.
- Four-month downtrend will be tested again next week and will dictate how the remainder of 2020's trading plays out.
- Crucially, DMI+ crossed over the ADX in early November and this still remains (although close to the 25 level which is the rule of thumb for trend significance)
- In addition, standard Stoch is showing a movement away from oversold.
- Finally, the WVF is hinting at a movement away from market bottoms.
An interesting stock to watch over the next week - a movement away from Support 1 is likely and even trading sideways would see the four-month downtrend broken.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.