The LR chart from 03/02/2005 to the $13.42c. sp high on 14/10/2005, generated an UPPER CHANNEL RANGE of $5.24c......with a $10.80c. range mid point.
From 14/10/2005 onward, key MAJOR up side TP's/RESISTANCE tests will be forward looking (extrapolated), PREDICTIVE in nature, and will be (generally) MULTIPLES of that $5.24c. RANGE......and QUARTILE, MINOR ranges of $1.31c. ( $1.31c. x 4 = $5.24c.).
Fast forward a couple of decades (almost), and here is where the NEU share price is at.
The bounce off $10.80c. (actual $10.90c.) was NOT unexpected.......and the Friday CLOSE @ $14.73c. was NOT a random event.
The next up side TP/RESISTANCE test of relevance is ($10.80c. + $5.24c.) = $16.04c.
Below is the WEEKLY PRIMARY, up trend lr chart from the 5.4c. sp low on 10/03/2009, to the $25.95c. sp high on 28/12/2023.
The EXTRAPOLATED, up side MULTIPLES of that $19.65c.range are definitely tantalizing.......however, further up side will be absolutely dependant on the market response when the NEU share price tests that KEY support/resistance level @ $16.12c.
As were CLOSES above the rmp @ $10.80c. the 'trigger' to new ATH's in the DAILY lr chart......consistent CLOSES above the rmp @ $16.12c., in the WEEKLY lr chart, will be the 'trigger' to expect new ATH's.
So, the next 2 support/resistance levels of interest?.......$16.04c. on the DAILY, and $16.12c. on the WEEKLY.
Cheers.......a hold for now, but will be tempted to bank an ~ 50% short term profit.
NEU Price at posting:
$14.39 Sentiment: Hold Disclosure: Held
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