The technical picture of the Orange SA stock (EPA: ORA) on our daily chart shows that the share price managed to break above a key resistance area between the 10.00 and 10.02 levels, marked by the highest point of November and the previous highest point of January respectively. At the same time, the stock is trading above a short-term tentative upside support line drawn from the low of December 13th. As long as ORA remains above that trendline, we will stay positive.
A further push north could bring ORA to the 10.30 zone, marked by the low of June 8th, where a temporary hold-up might occur. That said, if the buyers continue to apply pressure, the 10.30 zone may end up breaking, this way opening the door for a possible move higher. That’s when we will target the 10.61 hurdle, or the 10.73 level, which is the highest point of May.
The RSI and the MACD are both pointing higher. Additionally, the RSI is above 50 and the MACD is above zero and the trigger line. The two indicators show positive price momentum, which supports the scenario discussed above.
Alternatively, a break below the previously discussed upside line that may temporarily spook the bulls from the field. ORA could end up sliding to the 9.54 obstacle, or even to its next support area between the 9.33 and 9.36 levels, marked by the low of December 31st and the current lowest point of January respectively. If the buyers are still nowhere to be found, the slide might continue, where the next target may be at 9.08, or at 8.92, marked by the lowest point of December.
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