Omisego Price Analysis >> 6/6/2018
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The overall technicals for OMG are bearish, but price is currently experiencing a short term bounce from oversold levels. Both, the prudent Ichimoku Cloud short term trader (10/30/60/30 settings) and longer term trader (20/60/120/30 settings) will await a positive TK cross, Kumo breakout, and price hold above the $14 - $15 range before entering a long position.
Given the current oversold levels and support, a near term price bounce back to $14 is likely (flat Senkou B). If a Kumo breakout does succeed, then $16.50, ~$18, and $24 become the new price targets. However, given the bearish technicals, a resumption of the downtrend, post-bounce, is probable; especially without significant new buying volume entering the market. The downside price targets are $10 and $8 (critical to hold or $4 comes into view).
The overall technicals for OMG are bearish, but price is currently experiencing a short term bounce from oversold levels. Both, the prudent Ichimoku Cloud short term trader (10/30/60/30 settings) and longer term trader (20/60/120/30 settings) will await a positive TK cross, Kumo breakout, and price hold above the $14 - $15 range before entering a long position.
Given the current oversold levels and support, a near term price bounce back to $14 is likely (flat Senkou B). If a Kumo breakout does succeed, then $16.50, ~$18, and $24 become the new price targets. However, given the bearish technicals, a resumption of the downtrend, post-bounce, is probable; especially without significant new buying volume entering the market. The downside price targets are $10 and $8 (critical to hold or $4 comes into view).
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