Drugmaker Organon (OGN) which was spun out of Merck last year, has ben trending upward within the SIA S&P 500 Index Report since January. Yesterday, after climbing 25 positions to 106th place, Organon returned to the Green Favored Zone for the first time since March.
After six months of trending sideways between $28.00 and $38.00, Organon (OGN) has been under accumulation since December, with a series of higher lows building a bullish Ascending Triangle base. Since establishing support at a higher low near $31.50 earlier this month, Organon has been in on an upswing, clearing $36.00 yesterday.
Initial upside resistance may appear in the $38.00 to $40.00 area between previous highs and a round number, then $42.00. 444.00, and $48.00 on trend based on measured moves. Initial support has moved up toward $33.00.
Since it’s debut last year, Organon (OGN) has been trading between $28.00 and $40.00. After initially declining and building a base near $28.00, the shares have been under accumulation since December, establishing an upward trend of higher lows, including ones set in April and this month. In recent days, the shares have launched upward completing bullish Double Top and Spread Double Top patterns to signal the start of a new upswing.
Initial resistance may appear near $39.50 based on a retest of the March high, followed on trend by $40.30 and $43.20 based on horizontal and vertical counts. Initial support appears near $35.00 based on a round number and a 3-box reversal.
With its bullish SMAX score increasing to 8, OGN is exhibiting strength against the asset classes.
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