NOVA EYE Analysis with PnF Charts31-May-2024 : Keeping it Simple...

NOVA EYE Analysis with PnF Charts

31-May-2024 : Keeping it Simple with Price Action & Technical Analysis.

The initial move today was scary. Let's analyse it objectively using PnF, whether it was really scary enough... or just a ploy to shake out the weak hands. I tend to believe it was the later... at least the chart says so.

Now this is a PnF chart, since 2014 !!
* Look at the extreme left, and look at the extreme right. Can you notice the similarities ??
* For one, the price is not only close, but is ABOVE the moving average resistance line and remains in column "X".
* That whole straight line of recent consolidation, has been consolidating since Apr' 22 !!!
* That big last RED column of "O" was a double bottom in Aug'23, followed by a double top with that awesome move we had in Dec'23.
* Since then, the price has not shown weakness, it's just consolidating and showing strength.
* Now to fully reverse, it needs to make a double top, which will happen at 0.315, which will then be a multi-column and multi-year breakout... The sky is clear after that.

This is my personal analysis and opinion. It may be biased and contain errors. DYOR, and always use a stop-loss.