OMG formed a classic Head & Shoulders pattern.
Target is the green area between 7.5 and 8. Confluence with fib level .618 and longterm uptrend support. 4hr RSI is also pushing overbought and could need some down movement.
If you are longterm focused, there is no need to worry, since the fundamentals of omg are still solid and undervalued. However, if you are a swing trader and looking for a quick profit, you can sell after break of the neckline at around 10 usd (or even short from there) and put bids under the neckline till the target area. My original idea of OMG going to 16+ still stands. This is just a quick downward movement anticipation.
Good luck!
Target is the green area between 7.5 and 8. Confluence with fib level .618 and longterm uptrend support. 4hr RSI is also pushing overbought and could need some down movement.
If you are longterm focused, there is no need to worry, since the fundamentals of omg are still solid and undervalued. However, if you are a swing trader and looking for a quick profit, you can sell after break of the neckline at around 10 usd (or even short from there) and put bids under the neckline till the target area. My original idea of OMG going to 16+ still stands. This is just a quick downward movement anticipation.
Good luck!
Ordre annulé:
OMG broke right shoulder. This makes the pattern invalid and thus not tradable.
