Today we ended up with a hammer candlestick... Few things in play here at the moment..
1- todays wick of the hammer retraced back to 38 fib and found support and bounced off from there... If you were day trading NST this is one of a few things you'd be looking for.As it turned out offered some pips for the day traders..
2-bullish candlestick from 15th June still giving influence.. This is allowing the indicators like the stochastic and RSI to come down from overbought.. We have divergence on the MFI which is still in overbought and rising. But this could suggest further gains in the sp in the short term...
3- MACD- MA line almost meeting the signal line, this needs to be watch as a cross below could signal retrace in the short term.. But still well above zero line which is still bullish..
Conclusion- If Macd cross occurs I'd be looking at sp test 38 fib if that is breached then 50% fib which is a strong level of support for in an upswing..
ME I'm currently sitting and waiting for next signal before I take another position but looking good...
NST Price at posting:
86.5¢ Sentiment: None Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)