NINE ENTERTAINMENT (NEC) Could go either way ?
It seems that there are 2x possibilities right at this time, could go either way, but it doesn't look good for the network. Why?
TECHNICAL:
Possibility #1:
Stock has hit the bottom of an ascending triangle and on it's way up to complete the final stages of the triangle. Reasons for this analysis is based on possible Elliott wave #2 count plus channel/structure showing a possible bullish move for around 1 year on the monthly and weekly chart. Weekly RSI suggests a 'Possible' move upwards, however could also move downwards as the previous year 2016 did not hit the oversold area, thus suggesting more moves downwards. Stochasitc suggests a downward move as it already displays a severe overbought position.
OR
Possibility #2:
Stock is in progress of completing a flat correction, based on Elliott wave count #2 plus possible structure on the weekly chart. However, BOTH RSI and Stochastic show a very high probability of a down move which in my opinion, is the most probable. If this is the case, stock will plunge very close to the bottom of the market with a potential wipeout of stakeholders, if massive selling/shorting of this stock occurs. It is in a very dangerous area.
FUNDAMENTAL:
The information that I have indicates quite a massive shift from wireless based technology news delivery (RF) to Internet based delivery where more up to date news is readily available and less biased. There is a very strong feeling amongst the population, that the established mainstream media are more interested in politically biased propaganda rather than reporting important political events. This idea is also backed up by the recent events in the USA where until Donald Trump's Election, mainstream media have been seen to be politically biased towards Hillary Clinton and then rejected by the vast majority of the American public, which is echoed in the same fashion by the Australian public, for the US elections as well as the Australian political scene. It is also apparent that most mainstream media organisations are on a bearish trend, mostly due to social media, Internet applications and general public feeling, mainstream media becomes more irrelevant as time passes.
I won't make any moves on this stock at the moment until I get more visibility on the direction, after this current fibo has completed to the first box area, however if I get a bearish signal, I'll be shorting this with a large lot size for maximum profit.
----------------------------------------------------------------------------------------------------------------------------------------------------------
DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
Please do not trade this chart if you do not have your own strategy. Trade only with your own strategy.
Some very wise words: Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP ! :::::.....
----------------------------------------------------------------------------------------------------------------------------------------------------------
TECHNICAL:
Possibility #1:
Stock has hit the bottom of an ascending triangle and on it's way up to complete the final stages of the triangle. Reasons for this analysis is based on possible Elliott wave #2 count plus channel/structure showing a possible bullish move for around 1 year on the monthly and weekly chart. Weekly RSI suggests a 'Possible' move upwards, however could also move downwards as the previous year 2016 did not hit the oversold area, thus suggesting more moves downwards. Stochasitc suggests a downward move as it already displays a severe overbought position.
OR
Possibility #2:
Stock is in progress of completing a flat correction, based on Elliott wave count #2 plus possible structure on the weekly chart. However, BOTH RSI and Stochastic show a very high probability of a down move which in my opinion, is the most probable. If this is the case, stock will plunge very close to the bottom of the market with a potential wipeout of stakeholders, if massive selling/shorting of this stock occurs. It is in a very dangerous area.
FUNDAMENTAL:
The information that I have indicates quite a massive shift from wireless based technology news delivery (RF) to Internet based delivery where more up to date news is readily available and less biased. There is a very strong feeling amongst the population, that the established mainstream media are more interested in politically biased propaganda rather than reporting important political events. This idea is also backed up by the recent events in the USA where until Donald Trump's Election, mainstream media have been seen to be politically biased towards Hillary Clinton and then rejected by the vast majority of the American public, which is echoed in the same fashion by the Australian public, for the US elections as well as the Australian political scene. It is also apparent that most mainstream media organisations are on a bearish trend, mostly due to social media, Internet applications and general public feeling, mainstream media becomes more irrelevant as time passes.
I won't make any moves on this stock at the moment until I get more visibility on the direction, after this current fibo has completed to the first box area, however if I get a bearish signal, I'll be shorting this with a large lot size for maximum profit.
----------------------------------------------------------------------------------------------------------------------------------------------------------
DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
Please do not trade this chart if you do not have your own strategy. Trade only with your own strategy.
Some very wise words: Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP ! :::::.....
----------------------------------------------------------------------------------------------------------------------------------------------------------
