ORFG Daily Chart ~ Struggling at the Declining Top
Post# of 2561
Posted On: 05/18/2014 3:02:47 PM
ORFG Daily Chart ~ Struggling at the Declining Tops Line
Many of us continued adding/accumulating ORFG over the last few weeks as we await the rumored major news events along with a 10% declared stock dividend, name and cusip change. This week's release of the signing of a LOI to purchase the Green River Refinery was a huge step forward for ORFG. After months of decline from the high of .095 established in late February, ORFG appears to have finally put in a bottom at the .0151 level. The .02 area is also beginning to act as the higher low. The FullSto and MACDs haven't yet confirmed a trend reversal, but the have leveled out in oversold territory. The declining tops line will probably be taken out this week with any additional news from management. A close at or above .026 would suggest a breakout is imminent. Initial resistance points are the previous highs of .039, .047, .054 and eventually .095. There's no doubt that some money has been leaving the stock. That said, with any surge in buying volume, I see the old highs being taken out in rapid order as strong accumulation has continued during the decline. A number of strong investors have built themselves some very large positions in ORFG. GLTA
Many of us continued adding/accumulating ORFG over the last few weeks as we await the rumored major news events along with a 10% declared stock dividend, name and cusip change. This week's release of the signing of a LOI to purchase the Green River Refinery was a huge step forward for ORFG. After months of decline from the high of .095 established in late February, ORFG appears to have finally put in a bottom at the .0151 level. The .02 area is also beginning to act as the higher low. The FullSto and MACDs haven't yet confirmed a trend reversal, but the have leveled out in oversold territory. The declining tops line will probably be taken out this week with any additional news from management. A close at or above .026 would suggest a breakout is imminent. Initial resistance points are the previous highs of .039, .047, .054 and eventually .095. There's no doubt that some money has been leaving the stock. That said, with any surge in buying volume, I see the old highs being taken out in rapid order as strong accumulation has continued during the decline. A number of strong investors have built themselves some very large positions in ORFG. GLTA
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