Yesterday's downmoves spooked retail investors as the quantum of 1 day fall wasn't being anticipated. However, that got us a great intermediate term entry in some stocks.
NBIS has forming a brilliant breakout structure having corrected almost 50% of the upmove since its July lows. 2D Ichimoku cloud is where most of the semicon stocks are getting supported at and NBIS is showing the same trend. With a strong divergence confirming that last few days was a retracement and not a trend change, we now have a brilliant buying opportunity for a ~40%+ gains in NBIS.
While I am expecting this to hit 360 levels and peak there, the journey should see a retrace from 300 and gear up for the last move up.
TLDR: New investors - buy NBIS retrace, old investors - keep holding for more upmove for next 3 weeks or so.
NBIS has forming a brilliant breakout structure having corrected almost 50% of the upmove since its July lows. 2D Ichimoku cloud is where most of the semicon stocks are getting supported at and NBIS is showing the same trend. With a strong divergence confirming that last few days was a retracement and not a trend change, we now have a brilliant buying opportunity for a ~40%+ gains in NBIS.
While I am expecting this to hit 360 levels and peak there, the journey should see a retrace from 300 and gear up for the last move up.
TLDR: New investors - buy NBIS retrace, old investors - keep holding for more upmove for next 3 weeks or so.
Trade closed manually
I am closing this trade as I believe index is about to see a 10-15% drawdown and in that case this chart is directionally wrong.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.