OGI Weekly Analysis
OGI is starting to turn down from a nested wedge this week. So far this week is a strong bear bar near its low and is close to filling the 9.75 bull gap. This gap is likely to be filled as it is more likely an exhaustion gap than measuring gap. The bulls have reached a leg 1 = leg 2 measured move up which has led to some profit taking (tails above bars). If this week closes on its low, it would be a large low 2 reversal and nested wedge, making it a reasonable place for bulls to get out and wait for two legs sideways to down before the bulls are likely to return.
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