Hi Guys,
New to this forum - I've been over at a few other Forums however they seem to lag on posts/content so thought I'd set up here instead
I'll be posting some of my Tech Analysis of the RCD method for swing trading (Reversal Convergence Method) on small % plays. Usually I aim for around 10%-15% on avg - of course depends on the stock / market however I will never buy and hold - usually out within the week.
So anyway onto OGC: ( JPG Attached)
30 Min Chart
1 - Price action : This instance falls under a possible SCR (suppression, consolidation, release) At current the 2.90 is a horizontal resistance/support level (reistance has been tested/broken as per the last candlestick) however the more important resistance (MACD level) has been broken - as below
2 - Quick overview - The Pink Range indicates increasing breakout possibility. The higher above the central line the less impact this will have - However when this pushs down towards and through the main centre point (blue dashed horizontal line) the higher the breakout possibility (as well as increasing the SP level). We can see this pattern has made 2 attempts at closing below the line - each time (including the 3rd - the most recent) it has pushed lower and increasing the 'Bullish' nature of the pattern. The further down this heads the faster the breakout will occur.
3 - RSI - As in this case the Stochastics should be showing an upwards trend - notice the last couple of clicks the last high has been moved up a notch.
4 - Volume - i haven't included the Volume amounts on this chart however if you bring up a 30 min you will see the Large sell off volume, Almost non existant Consolidation volume and now an increase on recent volume since the push up.
Lastly to confirm the pattern - the Price has broken above the last minor (2.90) high on the 29th. At this point it is possible for the breakout to continue.
Will post a longer term chart later however I've picked up a holding based on these factors. Will post on any major changes to the pattern.