Oriental Peninsula Resources Group’s (ORE) performance in 2010 was one for the records as it posted a stellar gain of about 450% inside a year. Imagine, ORE’s shares were only trading at around PHP 0.81 during the beginning of last year. And a little over a month since then, it had exploded and never looked back until it peaked at a high of PHP 4.55 on November 23. From then on, profit taking and consequent sell-off due to negative market sentiment occurred which prompted ORE to gradually slip back to PHP 2.81 yesterday (February 15, 2011).
A lot of people, especially those who got in near the top, are asking whether ORE will still turnaround. In my opinion, I can say there’s a pretty good chance that it will. From a technical perspective, ORE has been trading within a falling wedge pattern. While some of you might think that this is negative given its direction, it is not. On the contrary, a falling wedge is actually bullish since it only depicts a temporary correction in prices. Should ORE break above the wedge’s resistance (around PHP 3.50), it could once again aim for its previous high at PHP 4.55.
Remember, for those who are planning to go long on this stock, it is advisable to wait for a breakout first before buying.
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