OCR appeared on my bullish breakout list yesterday and overall it looks like a good buy opportunity.
Since July price had been experiencing a prolonged pullback. It was not too deep (pulling back to just below the 200dma and 2005 high of $62.50 - yet finding support at $60) but 5 months is quite a long time for a pullback. The stock broke through the resistance on 5th November, retested it and then yesterday (11th November) broke up again on higher volume.
While OCR is overall a buy yesterday's bar was very bearish - closing at almost the base of the bar and below $70. So we should now wait for a break above yesterday's bar before considering a bullish position on this stock.
Since July price had been experiencing a prolonged pullback. It was not too deep (pulling back to just below the 200dma and 2005 high of $62.50 - yet finding support at $60) but 5 months is quite a long time for a pullback. The stock broke through the resistance on 5th November, retested it and then yesterday (11th November) broke up again on higher volume.
While OCR is overall a buy yesterday's bar was very bearish - closing at almost the base of the bar and below $70. So we should now wait for a break above yesterday's bar before considering a bullish position on this stock.