G'day lads, before I get into the TA I'm gonna let everyone know, that my ability to read financial information is quite lackluster. I'm not going to mention it at all, because I don't want to embarrass myself, now before I get an angry virgin abusing me in the comments, I'll say one thing. Use this theory alongside your financial analysis.
Anyway, NXT has had a beautiful down trend 3 peaks, 3 reversals. I've been trying to find where it would breakout, and when I used the fib I saw there was going to be a possible reversal on the 50% line. I assumed this, due to the fact that the last low was between the 78% & 61%, once price broke resistance, and had a small rally, I knew this was a bull trap, and set the buy zone between $10.88 and $9.74. I set $10.61. There was another small rally, touching resistance on the downtrend. The pullback hit another buy order I placed just above the buy zone, because I wasn't sure if the top of the buy zone would act as support.
I saw that there was a line of resistance forming along the 61% line, and decided to make a call on my small tradingview group chat, once the resistance was broken, I knew that a breakout of the downtrend was imminent, I believe it was 2 or 3 days later that we saw the price close on the resistance, with a wick above. I called that the following day we would possibly see resistance at the previous high, which we didn't end up meeting.
As you can see in the image above, I have drawn a dashed red line representing our first level of resistance we'll have to beat on our way up. We will see a rejection at the resistance, brining us down and testing the support that will be the downtrend. from there we will rally above the resistance @ $12.06, having a small reversal, using the high as support, and continue our run to the next possible buy zone.
This zone sits between $13.25 - $12.36. Price will consolidate in this region, before we push to $15.
Summary, because people complain when I don't make one. Price will hit $15 by late October. How? Read the text.
Anyway, NXT has had a beautiful down trend 3 peaks, 3 reversals. I've been trying to find where it would breakout, and when I used the fib I saw there was going to be a possible reversal on the 50% line. I assumed this, due to the fact that the last low was between the 78% & 61%, once price broke resistance, and had a small rally, I knew this was a bull trap, and set the buy zone between $10.88 and $9.74. I set $10.61. There was another small rally, touching resistance on the downtrend. The pullback hit another buy order I placed just above the buy zone, because I wasn't sure if the top of the buy zone would act as support.
I saw that there was a line of resistance forming along the 61% line, and decided to make a call on my small tradingview group chat, once the resistance was broken, I knew that a breakout of the downtrend was imminent, I believe it was 2 or 3 days later that we saw the price close on the resistance, with a wick above. I called that the following day we would possibly see resistance at the previous high, which we didn't end up meeting.
As you can see in the image above, I have drawn a dashed red line representing our first level of resistance we'll have to beat on our way up. We will see a rejection at the resistance, brining us down and testing the support that will be the downtrend. from there we will rally above the resistance @ $12.06, having a small reversal, using the high as support, and continue our run to the next possible buy zone.
This zone sits between $13.25 - $12.36. Price will consolidate in this region, before we push to $15.
Summary, because people complain when I don't make one. Price will hit $15 by late October. How? Read the text.