Oi Take 3?

Oi (OIBR) has rebounded off support zone 1.42-1.44 twice this year and today’s bounce marks the third. The stock is still trading inside a rectangle since mid May. How this rectangle may resolve is unknown, but looks like there are buyers at this support level.



8 Comments on “Oi Take 3?”

  1. mcmasoniam says:

    Hi Art. Good chart on Oi, thanks very much, as always.
    Need your opinion on USO. I’m thinking about Apr. $37 Call on USO, I want to make sure I’m seeing this bounce off support correctly. Thanks ever so much! BTW, where is everyone? I know I’m not the only one who loves your charts! M

    • Hello Mac, Thanks for your comments much appreciated!
      Reg USO, i dont see a pattern, one possible explanation for the bounce is like you said a support touch, but according to Elliott Wave its 61.8% fib bounce possibly labeling it a wave 2 completion. Accordingly, wave 3 upwards is in process. Cheers!

  2. Rodders says:

    Hi, does the LDR apply here? Breakout was Dec 4, low was 1.53. We touched the low today. Should we be exiting if long?

  3. Rodders says:

    The downtrend line has been revisited and seems to have become support. So should we assume the break out has been successful & add to the position on a risk adjusted basis? Or is still early days?

  4. Rodders says:

    Hi there, Oi has been a bit of a laggard of late as Brazil gets creamed – is the trade still alive? Regards

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