Top: Weekly candle chart of NGS -Breakout of downtrend -Reclaiming of 200 day* EMA and wedge consolidation occurring above it
Bottom: Daily candle chart of NGS -Stock finding support at bottom of wedge and 200 day EMA -Local price support found at upturning 5 day EMA
My expectation is the next move higher will break out of the wedge and give rise to a larger rally given the context of the weekly candle chart breakout, hence the 'breakout within breakout'
*Although I am showing a WEEKLY timeframe on the top chart, I am indeed showing the 200 DAY EMA on BOTH charts