Dear Jan,
Could you please take a look at the chart for NVLS
with an eye towards helping a novice with the following
question ?
The bullish support line drawn at the DWA site shows NVLS
trading below that support line, which is not good.
But given that there is a more recent wall of Os formed prior
to the last buy signal, would it now be appropriate to draw a
new bullish support line, which would show support below the
current level of trading ?
Also, on the same topic, NVLS had broken out of a bullish triangle,
and has since pulled back below the breakout point. Does this
nullify the bullish triangle breakout, or is it just a reasonable pullback ?
I see the potential for a good trade here, with a price objective of 72, and a stop at 50. Last question, would you wait for a reversal to Xs at 55 to enter ? I tend to be a bottom fisher, but I missed this bottom today.
Thanks in advance,
David |
