Organigram's Stock Climbs Back Into Pattern After Q4 Revenue Beat

Loading...
Loading...

Organigram Holdings Inc. OGI shares are trading higher Tuesday after the company reported better-than-expected fourth-quarter net revenue results. The company reported a net revenue of $24.90 million, beating the estimate of $19.13 million.

Organigram closed up 9.1% at $2.03.

Organigram Holdings Daily Chart Analysis

  • The stock looks to have reclaimed into what technical traders call a falling wedge pattern. The stock looked to have fallen out of the pattern, but crossed back above pattern support into the pattern once again.
  • The price has been getting condensed between narrowing highs and lows for a while and nears the end of this pattern. A break above the resistance or below the support could cause the stock to continue to move in the same direction if it can stay outside of the pattern.
  • The stock trades below both the 50-day moving average (green) and the 200-day moving average (blue), indicating the stock is likely in a period of bearish sentiment.
  • Each of these moving averages may hold as a possible area of resistance in the future.
  • The Relative Strength Index (RSI) jumped higher Tuesday and now sits at 40. This shows that even with an increase in buying pressure, the selling pressure still outweighs the buying pressure overall.

What’s Next For Organigram Holdings?

Bullish traders saw the stock recover and push back into the wedge pattern with the up day Tuesday. Bulls are now looking to see the stock push toward resistance and eventually go on to break above resistance. This could be a signal that the stock is changing long term trends.

Bears would like to see the stock continue to fall lower and push back below the pattern support. If the stock is able to hold below the pattern support and it starts acting as an area of resistance, then the stock may see a further bearish push.

Loading...
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: CannabisEarningsLong IdeasNewsPenny StocksShort IdeasTechnicalsSmall CapMarketsTrading Ideas
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

The Benzinga Cannabis Capital Conference is coming to Florida

The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.

Get your tickets now on bzcannabis.com – Prices will increase very soon!


Loading...