Wednesday, February 9, 2011

OPXT - Bear trap (P&F chart) or Weekly chart uptrend play

On Feb 4, P&F chart triggered a Bear Trap pattern for OPXT. A negative 2/03 trading session followed a dramatic upswing on the following day. Feb 4 closed with 29% gain from previous day close to Bulls and some significant loss (hopefully less than 29% lol) for Bears.

But it was not over. Today we were up another 13%. So, the question is, is it time to short OPXT. May be, but I am not going to do it, at least tomorrow.
Have a look at weekly chart for OPXT. Coincidentally we are still on historical lows for OPXT and it is just few % behind the old time resistance at ~ $4.08 and moreover 200MA at $4.54. I have no clue, whether it is true or fake recovery, BUT I guess there is enough momentum to keep OPXT going higher to touch those $4+ levels

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