NEU weekly summary. Great start to the week, followed by the 2 targets as mentioned. $13.68, followed by slight resistance at $14.20. For info, I use solids and mostly closes, however the SP did trade up to the wick resistance at 14.50. So the SP for 3 days now has consolidated around the low $14s level. Todays trade was low 14s until the close when there was end of month balancing going on, and a subsequent dump at the close to $13.88. The PA still is between the 8e and upper bollie, so all good. IMO. RSI needs to hold above 60, MACD is still ticking up and upper bollie is angled up (good). Maybe both will open next week?
As for the daily MAs picture. 8e is above the 20s (great). To simplify the chart I have put the 50s and a 50e on against the 200s. Obviously the 50e is baised more to recent trade, hence it is looking likely to cross the 200 in the next 5-8 trading days, where as the 50s obviously takes 50days to turn, so I expect that in the next 2-3 weeks. Once this occurs, then it will provide a golden cross, and thus a bullish price chart. Caveat, baring external factors.
As for the weekly chart, very interesting. Note that the SP has almost always respected the 200s, thus still positive (I know it doesn't feel like that, baring the brief dip below.. the trump dump/liberation week). But note that the SP is trading above the 200 and playing with the 50e and s ma's. These may both turn up in the next few weeks.
Summary. The SP has broken to the upside. However I do expect a small pull back to 'back test' the 200sma, thus approx $13.60, maybe a tail below, but solid candles need to hold around this level. Also there is the end of FY tax selling, but hopefully only the dud stocks in peoples portfolios (?). Worst case sell off, $11 (200sma). Upsides, the more it tests the $14.50, the weaker resistence will be and blast thru. I expect $15 be brief resistance (psychological only), then approach $17. NEU has show previously that when it runs, it runs hard! So 17 is in easy reach.
DYOR/AIMO obviously and not investment advice. Especially in this world reactive markets of a tweet, etc. All the best, enjoy your weekend with loved ones.
NEU Price at posting:
$13.88 Sentiment: Buy Disclosure: Held
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