IvanLabrie

NEWT: Downtrend target hit, time expires soon...

Long
IvanLabrie Premium Updated   
NASDAQ:NEWT   Newtek Business Services Corp
$NEWT is one of the stocks we monitor in our income stock watchlist. I like how it's setting up for a buy here, normally it falls after going ex-dividend, since investors leg into it ahead of the dividend being paid, and exit after receiving it. This is a reliable pattern in this stock.
Technicals show price met a downtrend target slightly ahead of time, and as soon as it turns up over a previous day high, it will be safe to be long this stock. Additionally, we could wait for time to expire, by the date shown with the green vertical bar on chart.
I estimate price will act as per the yellow arrow on chart, if it follows 'Time @ Mode' rules by the book (which is likely overall).

Best of luck,

Ivan Labrie.
Comment:
Once price eventually trends up from here -if it does-, it can go as high as the yellow arrow indicates, which aligns with earnings resistance.

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