Hey everyone,
Was taking a look at the weekly chart for OXT today and noticed on the RSI a potential imminent breakout of a symmetrical triangle. As you can see, there is little room left within this triangle which means there potentially could be a breakout of this triangle this week. The start of this pattern began the end of January 2021.
Additionally, we can see that in consecutive weeks, OXT has closed above previous resistance of .7825, which was the high during the week of August 17th, 2020 & Feb 8th, 2021. There is strong selling taking place between .83 - .90 cents. if we can break through this area, I believe we will see OXT moving to $1.00 and then to the top of the ascending channel to $1.12. Eventually, OXT may reach $1.50 which is the 1.618 extension of the previous high to low of 2020 (I am quite the novice with this tool so feel free to correct me).
A break back down through the .7825 support could bring OXT to .69 cents and possibly (unlikely imo) .63 cents (bottom of the channel).
Curious of your thoughts on this!
Was taking a look at the weekly chart for OXT today and noticed on the RSI a potential imminent breakout of a symmetrical triangle. As you can see, there is little room left within this triangle which means there potentially could be a breakout of this triangle this week. The start of this pattern began the end of January 2021.
Additionally, we can see that in consecutive weeks, OXT has closed above previous resistance of .7825, which was the high during the week of August 17th, 2020 & Feb 8th, 2021. There is strong selling taking place between .83 - .90 cents. if we can break through this area, I believe we will see OXT moving to $1.00 and then to the top of the ascending channel to $1.12. Eventually, OXT may reach $1.50 which is the 1.618 extension of the previous high to low of 2020 (I am quite the novice with this tool so feel free to correct me).
A break back down through the .7825 support could bring OXT to .69 cents and possibly (unlikely imo) .63 cents (bottom of the channel).
Curious of your thoughts on this!