Netlist has finally bottomed and the bulls are back. As you can see, the down trend is losing its momentum, strong support at .10 and .40, and we have a triangle formation which all points to an upward break out.
I'm excited to see how next week plays out!
Expected Returns: +5-25%
Week Open & Close: .34 / .30 (-9%)
Support: .29-.30 (Held .29 Friday after breaking .30; bulls pushed back to .30)
Technical Analysis: Large volume days are green but low volume days bleed red. OBV shows volume holding between .31-.37 with many buyers holding. RSI and MACD show no clear bull/bear signs. VI is bearish, but VI- showing ...
BREAK $0.74 PT: $0.80-0.83
BOUNCE ON SUPPORT: $0.70 (for a possible nice Risk reward of -4%/+18%)
gap fills around 0.83-0.84, clear that and this could hit 0.90 on a high volume breakout
Looking for a long entry on NLST as it has shown a developing long term trend. Look for entry over the $2.00 mark or at the current price. Stops placed around 1.39 if you are aggressive otherwise .90 would be the conservative stop. Expect a choppy move, but movement through the 2.50 mark leads to a high reward to risk ratio.
On a daily chart: It is above 5 MA and 20 MA, it is above the William´s % R, above the CCI , the daily candlestick is positive, it has an increasing volume , it is a growth industry (semiconductors), it is above the cloud, above the 50 and 20 MA, it is above the 8 EMA , the RSI that I set to 2 is above the 80 level, the MACD crossed and the PVT is positive. ...