JSE:NTC soared from lows of R5.81 in October 2008 only to have the Bulls get a wing snip at R44.38 in March 2015.
The stock has since been on a steep meltdown with short term pullback bull-trends typically lasting less than 12 months. It has now been almost 3 year with the price caught in a falling wedge from a pullback that started in December 2020, which may be the 1st signal of "Change of Character" in market structure.
This pullback also coincides with a double bottom that formed at the 38.20% of the initial bullish impulse that started in October 2008. Yesterday's earnings news saw the stock closing strongly bullish and challenging a strong internal resistance following a steep pullback from a "W" reaction at the support band of the 3 year falling wedge.
On the 1H time frame, the stock formed a rising channel intraday at this internal resistance, indicating a possible "last push" by the bears towards R12.30 ~ R12.50 before the bulls flex the sharpness of their horns to take the prices higher.
Long term targets to lookout for are:
R17.38
R21.30
R27.00
R44.54
A nasty possible (but slightly unlikely) side of the coin would be price going below 12.00, where levels of R9.80 and R5.60 may be visited.
Current sentiments: Bullish on a strong "Daily Close" above R14.26 or bullish "Daily Close" from R12.30~12.50 zone.
The stock has since been on a steep meltdown with short term pullback bull-trends typically lasting less than 12 months. It has now been almost 3 year with the price caught in a falling wedge from a pullback that started in December 2020, which may be the 1st signal of "Change of Character" in market structure.
This pullback also coincides with a double bottom that formed at the 38.20% of the initial bullish impulse that started in October 2008. Yesterday's earnings news saw the stock closing strongly bullish and challenging a strong internal resistance following a steep pullback from a "W" reaction at the support band of the 3 year falling wedge.
On the 1H time frame, the stock formed a rising channel intraday at this internal resistance, indicating a possible "last push" by the bears towards R12.30 ~ R12.50 before the bulls flex the sharpness of their horns to take the prices higher.
Long term targets to lookout for are:
R17.38
R21.30
R27.00
R44.54
A nasty possible (but slightly unlikely) side of the coin would be price going below 12.00, where levels of R9.80 and R5.60 may be visited.
Current sentiments: Bullish on a strong "Daily Close" above R14.26 or bullish "Daily Close" from R12.30~12.50 zone.