Your methods of TA are much more in depth than mine, but my limited understanding of chart reading leads me to believe that NWRE is poised for a substantial run.
Everything seems to be coming together, almost as if it is being orchestrated. Take a look at the weekly chart:
stockcharts.com[l,a]waolyyay[pb50!b200][vc60][iUb14!La12,26,9]&pref=G
The stock has formed somewhat of a cup and handle formation, has recently bounced for several days at the 200 day moving average with declining volume in the handle (suggesting that the market makers have been biding their time waiting for the right moment), and has recently jumped a dollar to place it close to its pivot point.
The pivot point, I am sure you know, is what William O'neil describes as the point when a stock climbs above the cup's highs on much higher volume. Monday's Russell 2000 action should provide the impetus to drive the price beyond the pivot point on higher volume. Many momentum investors wait for this time to enter a stock.
Since I have no reputation to protect as a price prognosticator, I am not afraid to predict that on Monday NWRE will close higher than it's most recent high (16.74) and subsequent buying in the week will see a price in the range of $18.
Coupled with the Russell effect is also the fact that recently NWRE has been releasing news about every 2 weeks, which means we might see something this week. Imagine what a positive outlook for the recent quarter's numbers or the announcement of a major new customer could do for us.
Time will tell.....
Dale |
