Today I am publishing my outlook of OGN on the Daily TF, here I see a big fight between bulls/bears.
As you see, this latest daily candle is on the verge of completely engulfing the last. Showing that a larger retracement is possible. However, there is still 6 hours remaining on this candle - meaning that there is still a lot of time to flip this candle bullish again. This is unlikely, but there is always the possibility that it can happen.
I will post updates as I see things changing.
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An update as promised - OGN is beginning to slip on the lower TF's, but it is still holding it's major level of .64 - If OGN decides to leg down on this daily, we can expect to see a large retracement, likely closer to .58, where the next respective support lays. As observed over the past couple of days however, I have noticed that OGN is not as willing to dump large amounts so quickly anymore. So there is still buying pressure.
Again, I will update this thread as soon as I see detrimental changes on either side.
Volume seems to have droped, you think it will still make it a leg higher or it goes down as it looks like?
FatmanRichard
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@kskolektiv You are correct. The momentum with OGN has finally died down for now. We extended out to .58 and tapped that support, but we still have a lot of selling pressure in the market. I am going to post an updated chart with support/resistance levels that Should help you guys understand the reasoning behind OGN’s capitulation. I will also release a detailed chart showing “whale zones” and “bear zones” on OGN, so retail can get a better view of good buy in positions.
kskolektiv
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@FatmanRichard, Great, thanks for the reply and info, will make sure to check your new post as well.
kskolektiv
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Thank you for the info on that, was just wondering if it can make it a leg higher or not so let's see what happens next. Also, an update would be also very welcomed. Really appreciate it mate, have a good trading.
FatmanRichard
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@kskolektiv, Hey man anytime! I just posted another update, and will continue to update as I see fit! Happy trading to you too, my friend! :)