OSIS, could go either way...needs to hold 22, or there is the possibility of that descending triangle breaking down. That pattern is all over the charts this week, even on the nasdaq. Slanted tops with flat bases...They are bearish, and many broke recently, but always have the potential to break the downtrend line to the upside, as this looks about to do.
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That washout move down on Thursday looks like it shook out weak hands and buyers returned on Friday. Another pattern, a bullish one, is that descending triangle can also be seen as a descending wedge, or bullflag which is bullish! 23.85, the 20 ema was resistance on Friday, it needs to take that out and move above 24 and break the downtrend to move higher. So the chart is saying it could go either way.
Next resistance is 26 to move to the upside, and any break of 22 will be a hint it's about to move to the downside...there is support around 20.50. Any move below that and I'd bail fast.
On the weekly, this week was the first time it threatened to break the 20 ema since 9/01, and the ADX is really high indicating there may be a change of trend soon. Looking a little toppy on the weekly, and overbought but that also could be a bullflag forming. If it goes sideways for a while, it could work off the overbought condition without dropping much.
stockcharts.com[l,a]whclyyay[dd][pc20!c50!b200][vc60][iLi14,3!La12,26,9!Ll14!Lg]&pref=G
I'd keep a stop on this one, right under the Feb 20.66 lows, I think if it breaks 20 it's in big trouble, and it's going to need some good news to go higher and stay there. |
