new support and resistancewe have a new support at $2.22 from Sep 29. the price is going to whipsaw around the 200 ma during this accumulation stage. $2.95 from Sept 15 is the next resistance. What I would like to see is an ascending triangle up to the next resistance. The longer it takes to get there the more bullish the trend. I am giving it another 40 - 50 bars when I think the 50 MA will cross the 200 MA.
What I am saying is...adjust your stops during this phase. It would be a mistake to set them too tight. Don't be the idiot that sells just under the 200 MA for a 15% gain. You have to ride this trend out and keep accumulating during this stage. This is just my opinion and I am long OGC.