Hi there - NOR DAILY CHART - also perhaps for those who might not normally have an interest.
I try to keep the chart simple, cos I'm a simple person
, using 3, 4 tools, at most (the product doesn't offer some of the better ones - I have a better one, but it's not real time. Which makes no sense, since since this is a daily chart - it's the vodka talking.). Anyway, KISS is better.
I see a short term uptrend broken (yes, there were holidays), the
green upwards sloping line, and additionally falling below the 50 day EMA on Thursday, a
lagging (and so, conservative) trend follower (not a leader), a widely used indicator - the most widely used technical indicator (
green line)...smooths out the day to day choppiness..
The Stochastics (middle chart), indicate momentum, a
leading indicator, "predictive", and hence less conservative (more risky), but also indicates bearishness (heading down, in plain English). See the
red circle - a SELL signal, co-inciding with the recent high of Jan 6 (and so useful, at least here, for this particular stock - and yes, it is a stock....it's not your next girlfriend, or the best thing since sliced bread, or the next Apple - AAPL.NAS).
In fact, looking back, it seems to indicate very well the direction of the stock, up, or down.
Look at the crossover I've circled in
green 21 December, a great BUY signal.
Volume is a sentiment indicator....and the selloff on huge volume yesterday was not good news. Today's volume slowed, was 1/3 of Thursday's, but still it fell, closing (7.7) a tad higher than the Open (7.4). That it clawed most of its way back from the low of 7 was a good sign, but on low volume, with little conviction.
I have drawn first level Support and Resistance in
green and
red horizontal lines, respectively. No comments.
For those familiar with candlestick patterns, we are seeing the first 2 of a 3 interval bullish setup called a Morning Star, a potential bottom. The third would be confirmation with a very strong up day Monday ( a
long white bar - or green, for some people). Otherwise, it means nothing. Also, for there there to be a bottom (or a top), there needs to be a trend to reverse (right?), and the "down trend" is only a couple of days, 6, 7 January. So this is probably of little value.
All in all, I'd say this is a bearish chart, with a greater likelihood of NOR falling than rising, absent "events".
I will say Wall St Futures are looking very strong now (that could change in the next 7 hours), and anyway, I don't known if such micro-caps are so influenced by Wall St.
And anything could happen over the weekend (or over any night, hence the attraction of Day Trading which is very popular on HC - no shocks when you wake up - you hold nothing overnight).
Don't blame the Day Traders, don't blame manipulation, don't try and explain why what happened happened.... you don't need to know (I, personally, am curious, as a one time economist and scholar), but it's a separate, unrelated exercise ("experts" do this on the TV News every night, try and explained why the market did what it did. They have to - that's their job. But they're typically clueless).
Over the longer term, there's clearly a reason (like huge Chinese demand for hi quality infant milk formula from a country with excellent standards etc. and if you saw that coming, you'd have run with it and made a lot of money - one always starts with the real world, and perhaps - preferably - uses TA to figure out when to enter, and exit...I could buy them today, but I might well have missed the boat: buy too high and get badly burnt....like with NOR
) but you don't need to know why what happened, happened. Just that it did, and you were either on the right side, or the wrong side. This can be within a day, a week, a month, or years. The market speaks to you by the actions of its ever-changing participants with their ever-changing expectations, as reflected in what they actually did, putting real money on the table, or taking it off, for whatever personal reason(s) that you can never know, and don't need to know, as depicted by a price volume chart.
Here endeth the lecture .
As I write, I hear about infant baby formula on the ABC News...!! Chinese coming here to stock up!!!!
(20min delay)