ScotianBot

NBEV bounced off the 200 Day MA strong.

NASDAQ:NBEV   NEWAGE INC
Does this potentially indicate a bottom for NBEV? There's a nice rounding bottom that may form a cup & handle

A cup and handle price pattern on bar charts resembles a cup and handle where the cup is in the shape of a "U" and the handle has a slight downward drift.
A cup and handle is considered a bullish continuation pattern and is used to identify buying opportunities.
Traders should place a stop buy order slightly above the upper trend line of the handle.

It is worth considering the following when detecting cup and handle patterns:

Length - Generally, cups with longer and more "U" shaped bottoms provide a stronger signal. Avoid cups with a sharp "V" bottoms.

Depth - Ideally, the cup should not be overly deep. Avoid handles that are overly deep also, as handles should form in the top half of the cup pattern.

Volume - Volume should decrease as prices decline and remain lower than average in the base of the bowl; it should then increase when the stock begins to make its move higher, back up to test the previous high.

A retest of previous resistance is not required to touch or come within several ticks of the old high; however, the further the top of the handle is away from the highs, the more significant the breakout needs to be.

The RSI is high on all time frames except on a 5 year chart attached to this one you can notice the RSI is around a 46 which is kinda neutral, it's approaching an area where there's been some moderate resistance, but the RSI has risen to a 94 on the 5 year chart & it's stayed in the high 70s for the 2016, 2017 & 2018 bull run.

It's interesting that they've recently launched a CBD Hemp beverage in Japan.

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