Technical Indicators Continues to Improve OLE technical indicators continue to be positive since last Wednesday’s low. Since then OLE has had three straight up days on above average volume. Technically, the stock has bottomed at least for the short term.
RSI: Has moved up from 23 to 32 and is on an uptrend, moving out of oversold territory
MACD: Has turned up and on an uptrend
Stochastics: Have turned up and moving out of oversold territory
White Candlesticks: Two of last three straight days have had Long White Candlesticks which indicate strong buying pressure
The stock will continue to make move towards the 200DMA, at about $0.66. At that level it will likely encounter resistance.
IMO a stock price near the $0.65-$0.70 level would signal that a potential $1.20 buyout price would be back in play.
P.S. Regarding Grandich's comments he is exactly correct. The "moose pasture" stocks (those that have land in the middle of nowhere and are hoping/praying that they will find something) are the ones that will struggle coming out of this. Real companies with real assets/deposits, especially gold companies with a lot of high-grade gold, will be in demand - especially once normalcy and appropriate rationalization sets in (think that is already starting to happen).
