OGI falls to lowest close since May 13th
OrganiGram Holdings Inc. (OGI) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, OGI finished the month -21.15% lower at 1.23 after losing $0.05 (-3.91%) today, strongly underperforming the S&P 500 (0.77%). Today's close at 1.23 marks the lowest recorded closing price since May 13th. Closing below Thursday's low at 1.27, the market confirmed its breakout through the prior session low after trading up to $0.06 below it intraday.
Daily Candlestick Chart (OGI as at Jul 31, 2020):
Friday's trading range has been $0.10 (7.75%), that's slightly above the last trading month's daily average range of $0.09. Things look different on the weekly timeframe, where the market's trading range of the last week has been 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.
After having been unable to move above 1.31 in the previous session, OrganiGram ran into sellers again around the same price level today, missing to move higher than 1.31. The last time this happened on July 20th, OGI lost -9.21% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 1.09, downside momentum could accelerate should the stock break out to new lows for the year.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Lower Closes" stand out. Its common bearish interpretation has been confirmed for OrganiGram. Out of 84 times, OGI closed lower 52.38% of the time on the next trading day after the market condition occurred.