![\"oriental](\"http:\/\/www.laidtrades.com\/wp-content\/uploads\/2011\/04\/oriental-peninsula-resources-group-inc.-ORE-april-28-2011.png\" "\\"oriental")
<\/a><\/p>\nOriental Peninsula Resources Group, Inc.’s (ORE) performance in 2010 was stellar. Indeed, last year’s feat could be considered as one for the books. Unfortunately, this year’s story looks to be the exact opposite at least from the technical point of view.<\/p>\n
As mentioned, 2010 was a year to remember for ORE as it grew from PHP 0.85 all the way to a high of PHP 4.55! In an unlucky turn of events, its winning streak was cut short as it gradually slipped for during the first 4 months of 2011. It even fell to a low of PHP 2.4 before it was able to recover somewhat as it rallied to just above PHP 3.00. Still, ORE’s shares remain depressed as it resumed its downward journey.<\/p>\n
What’s worrying me is that when I looked at ORE’s bigger picture, technical indicators point to an even bearish outlook. Why? Well, if you look at the chart above, you will notice that it has been forming what appears to be a big complex head and shoulders pattern. If this is so and ORE broke its neckline then a journey towards PHP 1.50 at least would be a big possibility. Moreover, ORE is already exchanging below its 200-day moving average which of course is a sign of weakness. Another signal that suggest the same thing is the apparent crossover of the 50-day moving average (red line) under the blue one. See also that the 100-day moving average (pink line) is about to make a bearish crossover as well. On the positive note, if the neckline support holds, then ORE could just continue moving sideways. <\/p>\n