On the 4-hour chart of Ocean Power Technologies (OPTT), after a strong rally in July, the price has entered a corrective phase, which is now stabilizing around the key support zone at $0.50. This area has been defended multiple times in the past, increasing the chances of a rebound. Momentum indicators are in oversold territory, and the declining pace of the sell-off suggests a potential exhaustion of selling pressure. A breakout above the $0.57–$0.60 resistance zone could act as a catalyst for a continued upward move. In such a scenario, a natural technical target appears to be the $1.00 area, which represents both a psychological level and the previous highs from February.
Potential TP: 1 USD
Potential TP: 1 USD
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.