NOVA EYE Chart Analysis - By A$XCharts 6-Jan-2024 : Keeping it...

NOVA EYE Chart Analysis - By A$XCharts
6-Jan-2024 : Keeping it Simple with Price Action and Technical Analysis

It's very tempting to jump into a stock that has suddenly jumped >90% from its bottom. But in the stock market, it is patience that helps one make money and not FOMO. When a price shows too much too soon, always be wary.
Here is my analysis of Nova Eye, and what I think I will be looking at before making an entry..
By default, this is my take and .. DYOR.

Here is the Weekly Chart of Nova Eye;
* Well before 2021, the stock has been in a downtrend. It consolidated in the range of 0.2 to 0.3 between 2022 and Oct'2023, when it broke down and hit a new low.
* As can be seen, the stock is now near the 100 Weekly MA, and still below the last resistance zone around .30
* The price structure hence is still "BEARISH" unless the stock makes a new "persistent" high that is above .30.
* For that, it will need to first hold its strength and not fall below 0.255 - 0.205
* This is a classic example and how perfectly it fits into the FIB retracement levels. So using FIB also, it has to hold on to the retracement above 50 for it to confirm that the price structure has really changed and bulls are back in.
* I will now look for consolidation between 0.3 - 0.205, and look for bullish patterns ( rising triangle etc ) that will help make a confident entry.