As an automaker supplier, the fate of the auto industry globally has a big impact on Nexteer performance. If the dark cloud hanging over automakers in 2020 will to be clear and improved, the share price of Nexteer can be expected to outperform, shooting up and breaking out of the bearish trend line.
In buying a product stock, the risk of product recall will always be there. And the market is constantly filled with it, especially the automakers market. So those who need further assurance, may want to dig deeper into its fundamentals.
There are 2 support level which I think the price action will visit shortly and am expecting a rebound from there. Those would be the areas where I am initiating a buy . 5.95 is the threshold, if this level is broken down, buying cease.
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Let's wait for it to rebound or retest the 5.95 level first.
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find support at 6.52, it may rebound
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next level of support 5.39
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11 June it made a false breakout and failed. The last candle is a hammer pattern, a bullish signal. Let's see if it will break out this week