NOVA in Odd Consolidation Pattern - Trend Breaking? REVERSAL?
$NOVA has made a steady climb since the March lows resulting from the COVID Crash.
The trend is clearly seen w/ a steady ascent and minimal retraces -- That is, until now. The highlighted square provides a look at how NOVA has broken from a steady trend it maintained for nearly six-months. As to whether this is a full-reversal and trace down to previous marks - It is tough to call, at this point. The entire N.E. sector has been performing **Extremely Well** -- And one might even have been expecting some sort of recoil from NOVA and other hot stocks in the N.E. industry.
That said, the window of anomalous behavior is comparatively short in comparison to the overall trend throughout the past six months. Admittedly, while this trader does have a LONG position on the holding, it is tough to say that is with a high degree of confidence. HOWEVER, if a belief is maintained in the overall 6-mo. trend, there is now still a very golden entrance point here.
I seldom throw a disclaimer - But this is definitely not... NOT NOT, actual "advice."
I am as confounded by its tough trading day as many others surely are, with my fingers crossed that the overall harmonics just provided a buy window, but obviously not a major reversal. This is definitely worth watching to compile better and deeper data about what is going on in this purple square. Right now, I know just as much about deep-sea creatures: which is to say, nothing.
This is probably the most uncertain I've felt entering a position, the most gamble-driven...Hopefully, there is profit at the end, instead of "A Lesson."
Thanks, and HAPPY TRADING/INVESTING/OR WHATEVER.
-BDR
The trend is clearly seen w/ a steady ascent and minimal retraces -- That is, until now. The highlighted square provides a look at how NOVA has broken from a steady trend it maintained for nearly six-months. As to whether this is a full-reversal and trace down to previous marks - It is tough to call, at this point. The entire N.E. sector has been performing **Extremely Well** -- And one might even have been expecting some sort of recoil from NOVA and other hot stocks in the N.E. industry.
That said, the window of anomalous behavior is comparatively short in comparison to the overall trend throughout the past six months. Admittedly, while this trader does have a LONG position on the holding, it is tough to say that is with a high degree of confidence. HOWEVER, if a belief is maintained in the overall 6-mo. trend, there is now still a very golden entrance point here.
I seldom throw a disclaimer - But this is definitely not... NOT NOT, actual "advice."
I am as confounded by its tough trading day as many others surely are, with my fingers crossed that the overall harmonics just provided a buy window, but obviously not a major reversal. This is definitely worth watching to compile better and deeper data about what is going on in this purple square. Right now, I know just as much about deep-sea creatures: which is to say, nothing.
This is probably the most uncertain I've felt entering a position, the most gamble-driven...Hopefully, there is profit at the end, instead of "A Lesson."
Thanks, and HAPPY TRADING/INVESTING/OR WHATEVER.
-BDR
Comment:
Consolidation trends pointing towards a potential downward and major correction, Bailed at market open - Exit by 24/s and no lower if this has any trust whatsoever on your behalfs. This was a very short dip, dump, and tiny loss. C'est la vie.