Organigram one more day of red then blast off!!!
We are trying to hold a trenline that dates back to April 10 /2018 , we dipped below and then closed above this support trendline during the last hour of trading . I see this line breaking for a short period before our big bounce . With an RSI of 35 on the daily chart it is gonna reach oversold conditions real soon.It likes to bounce big in this area. We were this oversold April 10/2018 sitting at a price of $3.26 ,we ran up 88% before our correction on June 21 at a price of $5.87 .We were then this oversold again July 18 sitting at $4.25 we ran up just over 100% to a price of $8.55 on Oct 16. Stoch has room to run down to reset. I can see One more day of red which would bring down from this support at $5.10 also sitting in the golden pocket area (.618 - .65 fibonacci) down to my target of $4.41 (.786 fib) where i will be layering long orders with a tight stop . Of course this all depends on the S&P500 , if it tanks this will just keep going down and say goodbye to those bounce targets . Good luck bulls and bears !!
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