Chart Alert – Origin Energy (ORG)

org-sep-16 Chart Features

The 12 month daily candlestick chart of Energy stock Origin Energy, courtesy of Metastock, has given a bullish alert in the nature of a bullish engulfing pattern at the end of a decline in the share-price. This has been followed up with a gap higher yesterday, and an up day again today.

Whilst this appearance is a harbinger of further rises, it can’t foretell how long this impulsive move will last.

For context, Origin Energy has been a victim of the global collapse in the prices of Oil and Gas. A “Double Bottom” pattern at $3.50 during January and February this year appears to have heralded a major trend change, corresponding to an easing in concerns as to its future viability. Buyers started returning to the stock, but the uptrend stalled at $6 to enter what now appears to be a trading range.

Origin appears to be set to break above the previous high of $5.40 before again testing the $6 resistance level.

Acknowledgement and Disclaimer

I am a holder of a small parcel of shares in Origin Energy, re-entering today on the basis of the chart features noted above. I am not a qualified investment advisor, and therefore urge readers to consult with someone who is, before investing themselves.

 

 



Categories: Chart Analyses, Chart Review

Tags: , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: