NCM chart, page-12

Two charts, one the longer term showing the two trading channels - long term demand trendline/rally in blue, shorter term correction supply trend line in black. Confluence of the two to occur soon. Also included daily RSI to show slowing momentum of the downtrend. Bullish RSI divergence associated with slowing of the downtrend and upcoming reversal.


Shorter term trading range with annotation. While this would suggest that the areas around PSY1 and PSY2 would again act as supply as part of range bound trading as it sets up to rally the chart suggests that any downthrust into the $28 or so area would encounter a lot of long term demand around the trendline or possibly the area of PSY1. This would then turn into a spring and some more supply absorption before continuing to rally into 2020. Either way chart suggests a further break of the surrent preliminary level of support would be a buying opportunity rather than experiencing follow through selling.