With OZL my suspicion is that price could continue to fall away, given it is at the upper boundary of the shaded price channel (but not all new traders might see this). On the daily chart Friday’s candle isn’t positive as it shows that while prices recovered from their daily lows, it closed in the lower half of the candle’s range. If you look at the last time price rose to the channel boundary on 27 July it fell back a similar amount and then tracked sideways before spiking down to the lower boundary. It could do something similar this time because when prices have prolonged rises (or falls) they often track sideways and consolidate before moving up (or down) again.

OZL 11Dec2020

13 November 2020

OZL has risen strongly since breaking above a downtrend line in May this year. It has confirmed a new uptrend and price is above an uptrend line making higher highs and higher lows.  Potentially a strong long term trade candidate using trendline trading techniques.

OZL 13Nov2020


Robert Norman

Phone: 0428 346 951
Email: robert@sharecharting.com.au

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