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OIO Holdings Ltd. (SGX:KUX) is a provider of blockchain services and mechanical and electrical (M&E) engineering services and solutions. The company’s segments include blockchain agency and consulting services, M&E engineering services, management services, and turnkey contract services.
This stock caught the attention of many traders on July 2 when it surged more than 80% on the day.
In its filing with SGX, OIO said it is not aware of what may have caused the movement in the stock prices and confirmed that it is in compliance with the relevant rules.
In the second round of the rally, OIO gained another 27% today. This rally is likely to go higher as the chart has met some TA conditions.
First, the rally broke the upper band Starc Indictor on July 2 before falling back below the middle band of the indicator and going into sideways consolidation.
This is a bullish sign as it laid the groundwork for price to rise above the high of the rally. A second rally was triggered today as price broke above the middle band of the Strac indicator and the TSMA indicator.
The Strac indicator provides insight into both range and trending markets. This indicator can be used to capture an important market trend.
Today’s breakout is supported by 3 other indicators, namely the Supertrend, Aroon and Rainbow Oscillator indicators. When the golden cross in the 3 indicators is triggered at the same time, it gives traders great confidence that the breakout is likely to continue.
The first price target for this rally is $0.635, the highest price of the last rally. The next price target after that will be $0.77.
This is based on the Fibonacci projection starting from the low at $0.24.Traders intending to buy this stock at the current price could potentially lock in a handsome profit between 28% and 56%.
However, it should be noted that this is a very volatile stock that is intended for traders with a high risk tolerance.
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