OMI trade ideas
OMI burst out of a triangle in an ascending channelOMI burst out of a triangle in an ascending channel
no advice
OMI (mining) upward ascending channel Huge triangle with converging waves in ascending channel - idea is this converges, the coiled spring releases and an upside trend kicks in
#OMI #OrosurMining - Technical retrace in progressSaw some noise about this being an exciting company, so though I'd check the technicals out.
For starters, what goes up very fast is often overdone and needs to cool before the next leg. It tried to bounce near the 50% mark but this fizzed out, meaning an ABC correction (Wave 2) is still ongoing.
In that case I'd set two targets for a trade entry:
(1) Where we could have a symmetrical "A=C" ABC, the endpoint of 'C' would also fairly close to the 61.8% retracement line. Not a bad coincidence. Around 5.9 to enter there.
(2) If 1 doesn't hold, then look for the typical 78.6% retracement as often happens in AIM. Just above 4 would be an incredible R/R point if it ever gets there.
Indicators on the 240min chart show that RSI could head a bit lower if it wants, despite the Stochastic being oversold already.
A good stock to watch and wait for the right opportunity. Might not be all that far away.
Cup/Handle - will flyJust consolidating this latest rise. Familiar cup/handl shape on trendline support. Extension up at 15p look like a strong buy to me !
OMI 30%Indexes Gold.
Both have double bottoms in play.
Gold $1350 should move OMI back to at least 22.5p
OMIOMI Gold Producer. Stock geared directly to the Gold price.
Long on Gold = long on OMI.
Slightly under-Indexing the Gold rise at the moment so likel to be a decent entry level.
