OGI slides to lowest close since May 20th
OrganiGram Holdings Inc. (OGI) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving lower for the 5th day in a row, OGI finished the month -10.34% lower at 1.56 after losing $0.08 (-4.88%) today, significantly underperforming the S&P 500 (1.54%). Today's close at 1.56 marks the lowest recorded closing price since May 20th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Monday's low at 1.57, OrganiGram confirmed its breakout through the prior session low after trading up to $0.01 below it intraday.
Daily Candlestick Chart (OGI as at Jun 30, 2020):
Tuesday's trading range has been $0.11 (6.67%), that's below the last trading month's daily average range of $0.15. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for OGI.
One bearish candlestick pattern matches today's price action, the Black Candle.
Prices are trading close to the key technical support level at 1.47 (S1). Unable to break through the key technical resistance level at 1.67 (R1), the market closed below it after spiking up to 1.67 earlier during the day. The failure to close above the resistance might increase that levels importance going forward. After having been unable to move lower than 1.57 in the previous session, the share found buyers again around the same price level today at 1.56. The last time this happened on June 25th, OGI actually lost -4.57% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Resistance R1" stand out. Its common bearish interpretation has been confirmed for OrganiGram. Out of 171 times, OGI closed lower 54.39% of the time on the next trading day after the market condition occurred.