Since its listing in June 2014 (not shown), Osisko Gold OR-T traded in a horizontal range mostly between $12.00 and $18.50 (dashed lines), with two brief exceptions: 2018 (A) and 2020 (B). The stock pierced above the top of the trading range recently to signal a breakout and the start of a major uptrend toward higher targets (C).
Behaviour indicators including the rising 40-week Moving Average (40wMA) and the rising trendline (solid line) confirm the bullish status. Osisko Gold is currently in the midst of a minor correction for a good entry level; there is good support near $20-21 and then again near $18.50. Only a sustained decline below the latter would be negative. A rise above $22.50 would suggest the resumption of the uptrend.
Point & Figure measurements provide targets of $24 and $26. Higher targets are visible.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com
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