January 5 Chart of the Day - One Span
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Boston based cybersecurity company One Span, Inc. (OSPN) announced a major change in its leadership to boost its strategic direction and help the company's transformation process.
Its stock is trading down again today at $9.50 after falling from the $33 area just a few short three years ago.
From a price action technical analysis perspective the chart has seen plenty of ups and downs over the past 25 years.
In fact, the monthly chart sort of resembles an EKG strip with huge spikes up/down over time.
Investors and traders are hoping this most recent change can spike price back up to its heyday area above $20.
Down on the weekly chart we can see that if the bulls are going to step back in this could be the place for it to happen.
Having recently bottomed a little below $8 price jumped up near $12 only to fade back under $10. Could this be a typical bull retracement as outlined using trending tool Fibonacci?
Or do the bears have lower in mind down below $7 this time?
Only time will tell for sure.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
Take a look at the charts and let us know what you think.
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