Company profile: Orion Oyj develops and manufactures pharmaceuticals and diagnostic kits. The Company produces hormone therapies and drugs to treat central nervous system disorders, cardiovascular diseases and urological disorders, and in vitro diagnostic kits used in doctor’s offices and small laboratories.
Weekly outlook: The immensely powerful trend has brought prices at the 262% extension level at 22.75. Profit taking is very likely, since this extension is hardly ever (less than 10%) broken without a complex and deep correction beforehand. In other words, prepare for a rather deep and lengthy counter trend phase before the uptrend resumes again. New targets can only be given after the counter trend phase is over (new base is set). Such a base is likely to form in the zone 20.75<>19.10.
In the unlikely event that prices continue the uptrend without a notable correction, the 425% extension level at 28.66 forms a reference point. Again, we do not expect to see this level without a deep correction.
- Primary trend: positive
- Outlook: complex counter trend phase
- Support: 20.75 / 19.10
- Resistance: 22.75 / 28.66
Weekly chart Orion Oyj (Finland):