OXTUSD Orchid Next Stop .6137Simple charting here friends. After we hit our last target of .48 cents , we now must begin looking for a re-entry. Personally, I have chosen to re-enter most of my trading funds on OXT at .44 cents. That being said, there are two levels below me that are still a target-down possibility. The first one exists at .4272 and is, of course, more likely to be touched. The second is down at .4073. This is a more aggressive re-entry. I would not place my bets on anything below these two. Obviously, it is possible. It is just not a good bet at this point, IMO, because this market has turned very bullish once again.
Once we have re-entered, where can we expect to go?
Well, my thoughts are that we'll likely break above our 200-day moving average (RED LINE ABOVE). Past resistance will become future support. At this point, our target will become that PURPLE down-trending line. As with the 200-day, we may hit our heads on this resistance another time or two. You can see, we've already done this once (yesterday). But, the 200-day will be coming up under us at this point and provide valuable support. This will help us to break out and above the PURPLE down-trend resistance, which will now become support.
At this point, it is clear sailing. Though we may hesitate after the breakout and come back down to test our PURPLE support, at some point we will take off, rather rapidly, to target our .6137 mark.
I will be setting my limit orders for various price points around this area.
All the best traders!
