The lower support line goes back to October 2024. The SP could bounce back above the support line tomorrow, just like it did after the one dollar dip in the middle of January.
If the support line does not hold then technically the SP could still have a long way to fall. The ongoing SP weakness seems to defy logical explanation. Perhaps, like some other stocks atm, some large holders are performing "liquidity management", i.e. dumping shares just to raise cash. This could be why NEU's SP did not bounce today when the broader market bounced off its lows. Maybe I am Just being optimistic, because most other potential causes of the strong selling pressure would mean that there is plenty more selling yet to come.
The support line looked like a particularly good buying opportunity today, so I bought some more.
NEU Price at posting:
$11.40 Sentiment: Buy Disclosure: Held
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