Ocean Rig UDW Inc. ORIG
We’ve had ORIG on bottom-watch for just under a month now, as the stock was undergoing a consolidation that appeared unsustainable. It seemed just a matter of time before it began to rebound, so we were monitoring it for a signal and got one in a big way on Friday.
ORIG came off its newly-registered annual low of .12 and traded up as high as .237, a 98% rise which occurred on ten times the monthly average volume. More importantly, the stock managed to crack through its 50DMA at .19, and held above that mark with a closing price of .20.
We’re going to want to continue to track ORIG, looking for the registering of higher lows off of its recent bottom. The RSI is also screaming toward the power zone, so we’ll hope to see ORIG string together a multi-day run.
Camber Energy, Inc. CEI
Speaking of stocks that are gaining strength, CEI has been in a pretty convincing ascending wedge pattern recently, routinely recording higher highs and higher lows off of its annual lows established late June.
We’ve pointed out on the chart below where the next key areas of resistance are, so we’ll want to track CEI to see if it can maintain its current trajectory and make a run at those areas on the chart.
TEUM, ACRX, MDGS, NPHC, MTBC, CPST, HEAR