Ouch, to think that I was in the green only 2 weeks ago. As technically an investor now in NEU, I have played with the charts a little differently, mainly weekly. No one likes to read a negative TA post, but unfortunately that's the markets at the moment!
The NEU Fib support zones have all been broken, so looking for SP support areas on the chart. $9.18 is the first (almost closed there today) and the $7.28. Hugh volume today, so capitulation? (equals margin calls or stupid selling, imo) Nice to see the tail on the daily today (1st chart), if we get another like that tomorrow then that would indicate tweezers, which is a good time to (possibly) buy more (not advice, just TA). Still expect the RSI to go to 20. MACD still has a bit to play out.
2nd chart, weekly, If the US tonight poo's itself again then I'd say the next support zone for NEU would be 7.28, and there is strong support there. 8 and 20MA's well below the 50sma, so it will take a fair bit to be in the uptrend (bull) again. RSI historically is shallow, so maybe 30-25.
Beyond that, just hold tight folks, not the first crash the markets have had and they will recover one day. We all know the NEU is a cash cow and worth multiples there of. remember you only loose $$ if you sell. All the best.
NEU Price at posting:
$9.05 Sentiment: Buy Disclosure: Held
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