Noticing a couple trends on the chart, we notice that our previous high fell quite a bit almost down to 1.00, our 50% fib ratio was surpassed on the uptrend, but the 61.8% line held strong and bounced all the way back down.
Now OMG is looking to retest that value, after breaking out of it's triangle. It has bounced off it's moving average and seems to be on it's way up. We should see prices near the high of 1.62 again. Volume is quite low, so keep an eye on RSI and a volume indicator as well. We are looking for a strong close ABOVE $1.41.
However, keep an eye on this resistance level, if it breaks downwards, we will have downward movement still, with a bullish triangle forming, predicting future bullish movement in next couple days. If it bounces, you can short to next fib level down at 1.30
Just a few thoughts.
Now OMG is looking to retest that value, after breaking out of it's triangle. It has bounced off it's moving average and seems to be on it's way up. We should see prices near the high of 1.62 again. Volume is quite low, so keep an eye on RSI and a volume indicator as well. We are looking for a strong close ABOVE $1.41.
However, keep an eye on this resistance level, if it breaks downwards, we will have downward movement still, with a bullish triangle forming, predicting future bullish movement in next couple days. If it bounces, you can short to next fib level down at 1.30
Just a few thoughts.
Comment:
First target (FIB extension level reached at 88%)!, if trend continues, we can sell at 1.64, and 1.77 which are 100% FIB and 128%. Looking good!
Trade closed: target reached:
Target 128% of 177 hit.