Strewth I just commented on another stock that had returned right back to breakout level after rising 70% and now I see NEU has also returned to it's breakout level of 6th of this month. Interestingly, this entire spike and retrace has been on well above average volumes. Still some gaps above and below to be closed to neaten up the chart but certainly don't look at those as trend reversal targets. Also on this below daily chart, I don't like the way the lower bollie has just arced downwards unlike 2-3 days ago where it was heading towards squeezing. It just means that it's preparing for lower lows so love to see that reverse again.
For those playing at home and are watching for an accurate indication of trend reversals then I'd suggest the trusty 30 mins and hourly charts. (below). Gotta get those going the other way with the yellow 8ema above the pink 20ema. Simple! When you start getting some green candles printing above the 8ema then it's a "pay attention" signal.
Cheers
NEU Price at posting:
$12.23 Sentiment: None Disclosure: Not Held
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