I am starting a weekly series of analysis where i will pick up one stock every week for TA.
Today’s stock is none other than the famous ASX:NEA or NEARMAP. This stock looks like is trying to free itself from shenanigans of the bear market.
From the TA, here is what I see: - a inverse H&S formation in a making if it is confirmed we can expect the stock to move towards the 3$ once again. - price above 50MA - bullish - daily and weekly velocity positive - bullish - price above the 23.6 fib - bullish - Rsi almost around 70 - neutral so far this stock historically challenged the Rsi oversold levels - stock below historic resistance 2.01$ - not a good time to enter before that level is taken. - price below 200MA - bearish
To me bulls have more juice than bears but for late-comers better not enter before 2.01$ Or 1.7$ retest. I am in this stock since the low 1$ hence i plan to scale up my position when daily candle close above 2.10$
I will keep you updated if any change happens for this stock.