Long

NPH Finding Support: Potential Reversal Zone

Updated

NPH is seeking a weekly low price, here we see price back at the median support of the Pitchfork, a good area for a bounce. Price can move to the resistance of the Pitchfork and breakout. If it fails then we can expect a visit of the median line but this time lower and support of the blue parallel channel comes into scope.

Note

NPH managed to bounce from the median line putting a return of close to 20%, we are close to overbought on the daily chart, one can harvest some profits at this point after a good run. Focus turns to whether we move back into the bearish fork or want to touch the parallel resistance line.

Note

NPH looks set to go lower than R115.33, so we can set this as a stop-loss with a view that price is now attracted to the median line of the Pitchfork.

Trade closed: stop reached

Price reached a stop-loss so we park capital on the side while assessing the expected reversal.

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