NCM fails to break out on big volume
NCM has completed a 9 count TD Sell set up on the daily chart without being able to make a new higher high.
This set up culminated with a hammer candle with a long wick, adding weight to a bearish reversal of the short term trend (ie continuation of the medium term down trend).
Note that the completed 9 count failed to pierce the top of the GMMA.
While NCM has only made a single buy set up within this downtrend, it has failed to advance into a bullish sell count in contrast to the regular production of sell indications by completed count downs shown in the previous uptrend.
The ~$31.30 level has shown itself to be a strong support turned resistance over this move.
On the bright side, NCM has still outperformed ASX.XAO over the 2019 calendar year.
Breaking through the $31.30 level with the short GMMA bands pirecing through the long would invalidate this.
This set up culminated with a hammer candle with a long wick, adding weight to a bearish reversal of the short term trend (ie continuation of the medium term down trend).
Note that the completed 9 count failed to pierce the top of the GMMA.
While NCM has only made a single buy set up within this downtrend, it has failed to advance into a bullish sell count in contrast to the regular production of sell indications by completed count downs shown in the previous uptrend.
The ~$31.30 level has shown itself to be a strong support turned resistance over this move.
On the bright side, NCM has still outperformed ASX.XAO over the 2019 calendar year.
Breaking through the $31.30 level with the short GMMA bands pirecing through the long would invalidate this.
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