Nuformix (NFX) - Long TradeNuformix PLC, formerly Levrett PLC, is a United Kingdom-based pharmaceutical development company.
Price retraced significantly from recent spike. Didn’t quite reach the 78.6% FIB which I would have liked.
Position taken at 7.8p. Following the two trading sessions which closed with dragonfly doji’s. Usually a good sign of a reversal.
Minimum 2:1 Risk/Reward trade.
STOP: 10% downside - to just below 200ma support level.
TARGET: 25% (give or take) upside - back to 10p region (50% retrace level).
Suspect recent traders who exited on the last spike will be looking for re-entry soon. Licensing news from the company also due and may attract some longer term holders (investors).
FOMO will *perhaps* gain momentum as we approach and move into the New Year.
Would have liked to have seen the daily a little more oversold.
NFX trade ideas
retrace / breather before next leg - 2.7p support 4.39p resistanChart is in a range at moment with over 4.39p will be a breakout.
I would look for 2.7p for a potential entry / scale in if keen on the company
look for a retouch of the t-line.
at times it is best to start scaling in ahead of support in case u miss it
