OUE (technical)

OUE: today's bearish engulfing candle bodes negatively for near term price action. RSI and MACD continue to slide downward, which could lead share price lower towar the initial $2.90 support. Nevertheless over the past 12 mths, we observe a series of higher lows and higher highs being made. If the $2.90 support holds, traders may find a buying opportunity on the bounce to ride the next up wave toward the $3.20 resistance.