Bear Attack on ORV Shares Fails!Bear Attack on ORV Shares Fails!
It was an interesting trading day in Toronto today. The bankers were fighting it out over ORV. CIBC World Markets launched an unsuccessful bear attack on ORV shares at 1:52 PM selling 47,500 shares in a 2 minute time period to knock the price down from 39.5 cents to 30 cents at 1:54 PM. But buyers soon came in with TD Securities buying shares and moving the price back up to 37 cents at the market close. The net result was a beautiful hammer on the daily price chart and a bullish reversal into the close with a gain of 4.23 percent on the day.
Total volume on the second last trading day of the month was 74,751 shares. The magic number for tomorrow is 57,079 shares. If trading volume is higher than that level, then Orvana will have put in a bullish volume reversal for the month of November with a close at or above October’s monthly close of 36 cents.
Because of today’s bullish hammer and spike down to 30 cents, if we get a light trading day with a close under 36 cents, that is equally bullish on the monthly chart because that would result in a successful retest of the previous month’s low on lighter volume.
Both scenarios are equally bullish going into December, as Orvana is trading within a rising price channel on the weekly chart and just did a second touch of the bottom of the rising price channel today.
IMHO, all things point to higher ORV prices in December!
ganndolph