Novanta Stalling

Feb 26

Novanta is reaching lower highs and sinking to lower lows. Is it a consolidation move, or a total breakdown?

The company had a nice 8-year run!

Feb 27

Trade active

I have looked more into NOVT using the Ichimoku Cloud and a few things. The tools shows the conversion line nearly dipping below the baseline while above the green cloud indicating a change in momentum.

With that being said, I see the following scenarios of the next few weeks/months:


1. Cloud support between $120 -$130 + a weak Relative Strength Index may see a continued uptrend if investors see a potential sale price if/when the RSI dips into "over-sold" territory.

2. Support fails and price dips below ~$125 and the cloud flips to red.

3. Sideways movement in the support zone awaiting another signal to break bullish or bearish.

All that to say, "who knows?"

I apologize for not using the cloud analysis tool in my post, but we cannot add screenshots to these posts.

Apr 17

Trade closed: target reached

Stalled as predicted, but might be cycling up to retest upper bound of trend line. Would love to see some consolidation with rising lows (falling wedge), and then a nice breakout. If price stays above $113 there may be room for a swing. I have not looked at the chart, so I am only going off the trend lines I have set on the image seen here.

May 22

Note

The big swing happened and as of 22 May the price is at ~$155! That's a nice come up for anyone who bought in at the lower end of the channel.