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Fan Yang (OSTK) - Price Action Suggests a Price Bottom With Upside to $30

I am not a big fan of $OSTK, but price action is convincing me that there is at least some short-term upside after price slid from a high just under $90 in early 2018 to a low just above $9.00 in June 2019. 

OSTK Daily Chart

(click to enlarge)

Price Bottom?
- Looking at the daily chart, we can see that price has broken the pattern of lower highs and lower lows.
- The August High is a high on the year, and the August/September low is above the previous low around $9.00 in June.
- Also, price has broken above the cluster of 200-, 100-, and 50-day simple moving averages (SMA). OSTK then bounced off this cluster of SMAs as support. This is a bullish sling-shot signal.
- Furthermore, the RSI held above 40 after it pushed above 70 in July/August. This reflects maintenance of the recent bullish momentum.
- Finally, there has been relatively strong volume accompanying the bullish price action since June. 
- While I am not confident of long-term upside in OSTK, I do think there is at least some short-term and maybe even medium-term bullish correction.
- The area around $30 would be the first test of this bullish outlook. This was a previous support/resistance pivot area and would be a potential resistance against the current bullish reversal attempt.

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