Boston, MA 10\/17\/2013 (wallstreetpr) –\u00a0Oi SA (ADR) (NYSE:OIBR) (Closed: $2.03, Down: 1.93%) opened flat to negative on Wednesday and spent a very quiet session after the 7 day rally. No clear sign of heavy profit booking or selling was seen. It was a Shooting Star candle produced by the price action that points to some correction in the short term. The volume at 6 million was much higher than the average of 4.5 million.<\/p>\n
The volume pattern shows increased interest at the lower levels. The first significant volume spike was seen in July \u2013 August 2012 after which it decreased. But since January 2013, the volume is spiking more often than not which could be interpreted as only accumulation at the lower levels as the price has been range bound for the last 4 \u2013 5 months. The rise from the low of $1.44 to the high of $2.25 was faster compared to the subsequent fall to $1.42 and the fall was again retraced completely in faster time by the next rally to $2.34. This rally has not been fully retraced yet. This is a sign of bullish strength again.<\/p>\n
But the bulls have their work cut out as the stock is still in a very severe bear market. On Tuesday, The price has hit exactly the important trendline connecting the 2012 top of $7.04 and the 2013 tops of $4.51. Even if the bulls manage to break this trendline, they have to overcome the huge supply zone around $2.50 levels. Actually, the whole area of $2.50 – $3.70 is going to act as a very strong resistance zone as that was the previous multi \u2013 year demand zone.<\/p>\n
The weekly RSI is hitting the 50 level from below, above which the bulls can expect to get some breathing space. Investors should still wait for more confirmation before getting in.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 10\/17\/2013 (wallstreetpr) –\u00a0Oi SA (ADR) (NYSE:OIBR) (Closed: $2.03, Down: 1.93%) opened flat to negative on Wednesday and spent a very quiet session after […]<\/p>\n","protected":false},"author":12,"featured_media":10368,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[263],"tags":[2457,3456,2456,3457],"stock_ticker":[],"class_list":["post-10367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-nyseoibr","tag-oi-sa-adr","tag-oi-sa-adr-nyseoibr","tag-oibr","entry"],"acf":[],"yoast_head":"\n