I've been watching NMT for a while and was tossing a coin last night whether to buy in for a short term trade or not. I saw a share forum post that rekindled that internal argument this morning and I have placed a conditional buy order. Apart from the resistance break pattern at $0.84, NMT has been trending well for some time, has now made a higher weekly trough followed by a higher peak (a buy signal) and made a new high with a spike in daily volume. Elliott Wave suggests price is probably on Wave 3 which is the strongest and longest rising wave of a cycle. There are a few targeting calculations I like to use and these suggest an interim target of $0.98 and a secondary target of $1.10 (which coincides nicely with a Fibonacci extension of Wave 1 that suggests the rising Wave 3 should roll over about $1.12. All this is theory of course and as they say, "we live in interesting times" so nothing necessarily does to plan.

Note: This post was written yesterday just before price spiked to achieve the $0.98 target mentioned above and falling back a little. $1.00 is a very srong psychological price barrier (because it sounds like a lot more than $0.99) and a close above $1.00 will be needed to confirm the $1.10 target is in play.

NMT 17Sept21

 

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Robert Norman

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

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