NEU chart, page-803

Hey guys, happy to give my views but remember that they are only my opinions based off a 15 minute look over the price action on different time frames.

So most would be aware that big wicks outside of bollie bands lead only to one thing in general and that's lower prices incoming as buying has become exhausted and holders have taken some off the table.
But the last two days the sell off has been quite brutal and on solid volumes. To be honest this week has been a really strange week for NEU as look at Mondays candle with a huge lower wick tagging the lower bollie followed by 2 dojo candles spiking above the upper bollie and finally a close of week below the lower bollie. Indicates to me that a large holding has exited.



Anyway where to from here?
There is small support at 11.65ish but what concerns me is the angle of attack from the MACD to the negative. (lower frame in above chart). This indicates to me that after a small recovery first thing Monday morning, there are further fall incoming. (I know that's not what you wanted to hear - boooooo Slick). You know I'd tell you if it was the other way around.

As an indication for those interested, keep an eye on the hourly chart for MACD to reverse and the SP to get at least above the yellow 8ema. This needs to happen before you see green on the daily.



Now, to save me from watching AFLW, can I show you something for all to take on board in the future.
See in the first red sketching there was a squeezing of bollie bands followed by a strong change of trend. (this is what squeezes do). Now when SP's break out, the bollies bulge out but notive the yellow circles. As soon as the lower bollie began rising back towards the bollie median, the SP never really closed higher. (very important to remember). And now in the second red sketching there has been another squeeze indicating a change of trend incoming and the SP is struggling to get back above the median level.
Get to the point Slick!
Ok Ok, and this isn't going to make me very popular but failing exciting news more than likely the new trend is going to be lower.



This is one of those posts where I hope I'm entirely wrong.

By the way, this is a chart of current BIO sentiment, took a hit last night but overall it has recently been strong. Eagerly watching tonight's action.



All the best.

Cheers