NUZ Charting Thread

Nice strong auction tonight indicating that some lunatic is at least happy to hold over the weekend and was not trumped by any large holders using this week's strength as an exit point.

Chart not saying anything too loud, but we have brokenout of the downwardstrading band we have been in since October (not a massively convincing trendline, but worthy enough to analyse)

SP has crossed 100 day EMA, while the 20 day EMA is right at the door of the 50 day EMA - if 20 can cross 50 early next week then we have ourselves a reversal upwards.

Bollinger Bands not shown on chart, but we are up against top level, so any further upwards move on Monday would be sacrilegious.

Today's green bar is the largest since June 2024 (two of equal size) and then since the the wild climb over 12 months ago - so yes some aggressive buying was seen today, even if the volumes do not look huge. Volumes are actually increasing over past week or so.

So with resistance above and a potential reversal in play, this 14 cent level feels like a bit of an inflection point and Monday will be really telling:

If SP is exhaused and can't climb any higher, then I would watch out for a full one-day reversal bar (ie. an undoing of what we saw today back down to 12c) this would be bearish and will signal a potential return back into the downward trading range.

Given that SP tends to back-test these break-outs anyway, an orderly move back to 12 cents over a few days (ie. not just a single day dump, as above) would be perfectly fine - in this circumstance the bullish signal would be if it bounced back off 12 later in the week.

However, if SP can maintain this 14 cent level or even creep up early next week, then I would be watching out to see if a bullish flag forms, which could be cause for a discreet yet dignifiedraising of one's eyebrow.

I am still cautious, as we have plenty of technical supply from locked-in holders overhanging us and we are entering tax-loss selling season which may dampen any upward momentum. Also a mix of FA news and potential CR upcoming, not to mention the bloody election- these will trump the technical influences, but the chart may give us a glimpse of how NUZ's fortunes might play out - and that is why we do the charting...

All in all, this is the best the chart has looked for a number of weeks...