ORE was rallying strongly in a rising price channel until it hit resistance at $10 and tracked sideways for the past 4 months. Should it break and close above $10 then it suggests a resistance break target of $12.13. I thought the $10 level was probably going to be the peak of Elliott Wave 3 which, if correct, would see prices fall away for a time and possibly break down out of the channel. That hasn't happened (in fact last week saw a new high), but it still could so the break and close above $10 is necessary to ensure prices are more likely to rise than fall.

ORE 3Dec21

 

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Robert Norman

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

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