Bullish Divergence| Higher Low| Declining Volume
Hello Traders!
Today’s chart update will be on OGI where bulls are promptly trying to change the bearish structure; key levels must break for a trend change to come to fruition.
Points to consider,
- Trend structure changing
- Local support being held
- Structural resistance to break
- Stochastics in neutral territory
- RSI diverging from price
- Volume clearly declining
OGI’s structure has slightly changed due to the bullish divergence playing out, new higher highs will confirm the overall trend change which has not happened as of yet.
Local support in being held promptly, in confluence with the .50 Fibonacci level, OGI has strong technical support confluences. Structural resistance is a key level to break; OGI must close above as this will instil a highly probable new higher high in the trend.
Stochastics is in neutral territory, momentum is stored in both directions at current given time. RSI is diverging from price with clear higher lows, signalling a local trend change.
Volume has been declining which increases the probability of an influx at current support. Bear volume visually has been drying up; OGI needs bull volume for follow through from current support.
Overall, in my opinion, local support must hold for OGI, a retest and close above structural resistance will confirmed the trend change with a new macro higher high.
What are your thoughts?
Please leave a like and comment,
And remember,
“Ultimately, consistent profitability comes down to choosing between the discomforts you feel when you follow your plan and the urge to let yourself be captures ( and ruled) by your emotions.”
― Yvan Byeajee
Today’s chart update will be on OGI where bulls are promptly trying to change the bearish structure; key levels must break for a trend change to come to fruition.
Points to consider,
- Trend structure changing
- Local support being held
- Structural resistance to break
- Stochastics in neutral territory
- RSI diverging from price
- Volume clearly declining
OGI’s structure has slightly changed due to the bullish divergence playing out, new higher highs will confirm the overall trend change which has not happened as of yet.
Local support in being held promptly, in confluence with the .50 Fibonacci level, OGI has strong technical support confluences. Structural resistance is a key level to break; OGI must close above as this will instil a highly probable new higher high in the trend.
Stochastics is in neutral territory, momentum is stored in both directions at current given time. RSI is diverging from price with clear higher lows, signalling a local trend change.
Volume has been declining which increases the probability of an influx at current support. Bear volume visually has been drying up; OGI needs bull volume for follow through from current support.
Overall, in my opinion, local support must hold for OGI, a retest and close above structural resistance will confirmed the trend change with a new macro higher high.
What are your thoughts?
Please leave a like and comment,
And remember,
“Ultimately, consistent profitability comes down to choosing between the discomforts you feel when you follow your plan and the urge to let yourself be captures ( and ruled) by your emotions.”
― Yvan Byeajee