Here's the charts at the end of trade today. Looks like things could be about to change.
In a very uncertain trading day for NEN it begrudgingly hit 25c, and has started to build support on the buy side, which is an encouraging sign.
What catches my eye most about the charts is the bottom chart MACD line (black) breaking up thru the '0' line - normally considered a positive indicator that the market is now in an up-trend and time to buy.
The price chart, at the top, shows a convergence of price and moving averages (MAs) focusing very narrowly on the 24-25c range that NEN has been trading in for about a week. I'd say something's got to give i.e. a clear firm break up (or down) out of this stasis.
Considering the other indicators are all looking positive I'd say we could be finally about to see a move upwards. That is if we aren't jinxed by other externalities.
NEN Price at posting:
25.0¢ Sentiment: Buy Disclosure: Held
