NEA - Bullish Pennant in Formation for ASX:NEA by AsimMirzaTrader

trendanalysis chartpattern waveanalysis asx asx200 asxlong asx200long pennantpattern pennantbreakout bullishpennant nea

I believe that there is a great buying opportunity in NEA, as it has been forming a clear Bullish Pennant since the end of August. It is clearly a continuation pattern and has been consolidating within this pennant. If Price Breaks this pennant with High Volume, this may be a sign that Price may continue pumping up with force and reach the (Resistance 2 - Zone) nearly $3.10 with a potential gain of nearly 32%. Price may even hit the Strong Resistance Zone of nearly $3.90, which may provide a gain of 62%. I believe this is a great medium term buying buying opportunity.

Please note these are my own notes, by no means trading advice. Please do your own research before entering into any trade.

Comment:

Falling Wedge Pattern on the 4hr Chart.. Another reason to be bullish as it is a clear Bullish Pattern!! I am also attaching my 4hr Chart to support my idea. Thanks

Comment:

Comment:

Price making Lower Lows, but Bearish Momentum on the MACD is loosing steam. We can see divergence being developed.

Comment:

Price is still consolidating within the Bullish Pennant. It did break lower but swiftly moved inside giving a False Break Out (FBO). If Price Breaks this pennant with High Volume, this may be a sign that Price may continue pumping up with force and reach the (Resistance 2 - Zone) nearly $3.10 with a potential gain of nearly 32%. - Price may even hit the Strong Resistance Zone of nearly $3.90, which may provide a gain of 62%. Looking very closely!!

Comment:

NEA is a must watch now, as we can see that it has been consolidating in this Bullish Pennant (Complex Correction) for quite sometime, it is approaching the end of the APEX as there is hardly much room left. I expect NEA to breakout to the upside with energy and High Volume.

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Trade active:

Finally, NEA has broken out of the Bullish Pennant with High Volume. Now expecting a follow through to the upside.

Comment:

NEA broke out of the Wedge with High Volume. Expecting it to accelerate to the upside.

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