The July analysis below suggested price would fall back to the lower boundary of the shaded price channel. It fell trough that level and could be headed for the lower boundary of the long-term price channel (blue dashed lines). That fall could have some uptick along the way as the fall is likely to be a 3 wave decline (2 down separated by 1 up wave). There is support at $28 but lower prices for another 2 weeks will see NCM in a technical weekly downtrend. 

NCM 9Oct2020

31 July 2020

NCM was sold this week for a 6.6% profit.  Price had been rising strongly in a price channel since the March low and made a resistance break pattern at $32.53 with a target of $37. The target was just below the upper boundary of a long-term price channel that has been in force for 7 years (blue dashed line). I felt the resistance of the target level and the long-term channel boundary would stop price and I exited at $36.62 as price started to fall back. Price could now be expected to retrace back to the lower boundary of the green shaded price channel.

NCM Jul 31

Contact

Robert Norman

Phone: 0428 346 951
Email: robert@sharecharting.com.au

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