Just looking over the technicals/charts and the sp is in a much stronger position relative to where it was in mid May at 26-28c. At that time the stochastic & RSI were at the top of their range (overbought) and the MACD was also topping. The indicators had very little room topside for much improvement, so coming into a market-wide sell-off the sp was dragged down - no reason/news to keep it up or push it further.
Which is quite different to the current set up. The sp (24.5c) it trudging slowly upwards, the stochastic has made a strong cross upwards from oversold - with lots of room topside for further expansion. The RSI is still less than 50, moving upwards from its oversold - lots of blue sky. (drum roll ........ ) ...and the MACD is still way down below '0' just turned upwards and just about to cross the signal line to confirm the stochastic trend. Has some way to travel before crossing positive, which (all things being equal and no market meltdowns) indicates that the sp has got a lot of top-side.
Now what the tea leaves tell is ........
NEN Price at posting:
24.5¢ Sentiment: Buy Disclosure: Held
