Hello Traders,
only one way for Netdragon, the Hong Kong based chipmaker. UP!!!
Since the start of 2019 the stock is rising in a clear uptrend and the next target is around the 19.08$, a peak high as of August 30,2018.
Using indicators as CCI and Full Stoch, both show overbought conditions since the start of the advance. But for now the stock is not willing to decline and give back some of his gains.
But note, as long a correction needs to take place, as stronger it may will become.
For the short term we can just conclude, that above the level of $17.20 the trend is likely to continue to the cited range. Just a red candle with high volume on a daily chart (at minimum) is needet to give a first hint for a possible change of trend. But for now, there are no signs to my view.
From a traders psychologically percpective the stock seem to be interesting.
Becaus of the fact by showing overbought conditions, it look to me, that many investors are waiting for a corrective move and would not enter the stock on the long side of a trade. At the other side, some traders hop in the stock and „scalp“ it for some Cent, even Dollars, and went out again (to observe by the „wicks“/shadows of the candles. As long as this behavior is existing, the stock will raise on and much traders and investors will wait for enter the stock...and wait...and wait!
Another fact is the volume. There is no „abnormal“ volume to observe, that is showing us, that an investor is exiting his position (to observe by volume bar below the graph). I have added a 13-day MA (which is a Fibonacci number) to chart and volumes behavior is around this level with no extradonary spike to either side, up or down.
I will follow stis stock closely and keep an eye on it.
It something new develop, I will update the chart.
Have a gret week....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
only one way for Netdragon, the Hong Kong based chipmaker. UP!!!
Since the start of 2019 the stock is rising in a clear uptrend and the next target is around the 19.08$, a peak high as of August 30,2018.
Using indicators as CCI and Full Stoch, both show overbought conditions since the start of the advance. But for now the stock is not willing to decline and give back some of his gains.
But note, as long a correction needs to take place, as stronger it may will become.
For the short term we can just conclude, that above the level of $17.20 the trend is likely to continue to the cited range. Just a red candle with high volume on a daily chart (at minimum) is needet to give a first hint for a possible change of trend. But for now, there are no signs to my view.
From a traders psychologically percpective the stock seem to be interesting.
Becaus of the fact by showing overbought conditions, it look to me, that many investors are waiting for a corrective move and would not enter the stock on the long side of a trade. At the other side, some traders hop in the stock and „scalp“ it for some Cent, even Dollars, and went out again (to observe by the „wicks“/shadows of the candles. As long as this behavior is existing, the stock will raise on and much traders and investors will wait for enter the stock...and wait...and wait!
Another fact is the volume. There is no „abnormal“ volume to observe, that is showing us, that an investor is exiting his position (to observe by volume bar below the graph). I have added a 13-day MA (which is a Fibonacci number) to chart and volumes behavior is around this level with no extradonary spike to either side, up or down.
I will follow stis stock closely and keep an eye on it.
It something new develop, I will update the chart.
Have a gret week....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!