Price never moved up above resistance and has formed an extended flag pattern. As this pattern has been holding price back I would expect a strong jump in price when it does break above the price channel's upper boundary. The previous target has been moved up a little to $21.23. Interestingly, the double bottom ORI has made (the first bottom was in 2009) suggests price should double its $11 low - a target very close to my $21.23!

ORI 9 Oct2020

14 August 2020

ORI has risen from a significant low to hit a resistance level at $18.10 which it has tested and fallen back from 3 times. This week it closed fractionally higher and is it does break higher I expect a target of $20.50 being 12% up on last weeks close. The past two run ups from the underlying long-term support line (blue dashed line) have seen rises of 50% and 70% and a rise of 50% this time around would tie in nicely with my $20.50 target. Price has recently made a higher low followed by a higher high and formed an uptrend. All positive signs for price to reach target however I would expect price to roll over at the target because this is also a very strong level of resistance over many years.

ORI Aug 14


Robert Norman

Phone: 0428 346 951

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