NVX made a classic ressitance break last Wednesday before falling back a little the next day and I bought in on Friday (green horizontal line) - only to sell on Monday (red line) for an 18% gain. 

These patterns occur in most stocks time and time again but for me to buy in the stock needs to be in an uptrend, making a 2nd or perhaps 3rd try at a resistance level (ideally supported by historical support/resistance - but with NVX making all-time highs that isn't possible). Also a spike in daily balance as price reaches resistance is required. Note that where price has been rising very strongly and is approaching its price wave end, it is common for patterns to fall short of their target as selling pressures take over. Wave ends can be estimated using Elliott Wave theory but also where price rises in a sawtooth pattern on a weekly chart the height of those rises often becomes less as the wave end approaches.

NVC 3Sep21

Contact

Robert Norman

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

Sorry, this website uses features that your browser doesn’t support. Upgrade to a newer version of Firefox, Chrome, Safari, or Edge and you’ll be all set.