NOW is testing an interesting long-term support zone after breaking above its descending trendline.
I am watching the $89.50–$94 area as a potential entry zone for a bullish position with a horizon of up to 12 months.
The setup remains early because the broader structure has not fully turned bullish. The first major test is approximately $113.50. A successful reclaim of that level could open a path toward my main target around $138.70.
My invalidation level is $76.44, giving the setup approximately 2.55:1 risk/reward based on an entry around $94.
Entry: $89.50–$94
Resistance: $113.49
Target: $138.71
Stop: $76.44
The thesis depends on the current support area holding and price gradually establishing a sequence of higher lows and higher highs.
Not financial advice.
I am watching the $89.50–$94 area as a potential entry zone for a bullish position with a horizon of up to 12 months.
The setup remains early because the broader structure has not fully turned bullish. The first major test is approximately $113.50. A successful reclaim of that level could open a path toward my main target around $138.70.
My invalidation level is $76.44, giving the setup approximately 2.55:1 risk/reward based on an entry around $94.
Entry: $89.50–$94
Resistance: $113.49
Target: $138.71
Stop: $76.44
The thesis depends on the current support area holding and price gradually establishing a sequence of higher lows and higher highs.
Not financial advice.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.