NEDA trade ideas
NEDA Egypt should target 3.65 then 4.25Daily chart,
the stock EGX:NEDA formed a pennant chart pattern and is forming another smaller pattern.
I am expecting some minor correction and consolidation around 3.10
Then, a bullish movement towards the resistance line R, at around 3.64 - 3.67
Stabilizing for 2 days above 3.70, will push the price to the next target 4.25
Note the resistance levels at 3.27, 3.44 , 3.56
(Closing below 3.10 for 2 days should be considered a near stop loss level)
Watch out for NEDA- I see higher potential if NEDA above 3.20
- Tight stop loss is not a good idea.
- I wished volume was better but sometimes bulls dont need volume to push the price higher.
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At the bold black line, a major area,
At the orange line, a sub area
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