NKT - Breakout or pullbackNKT consolidated over 320 days with 11% from top end 2020 until now. Now going against a double top and possible facing a new pullback.
NKT trade ideas
NKT A/S Inverse Head and ShouldersAn inverse head and shoulders on NKT that broke the neckline 48 hours ago. An acceleration to a new all time high took place the same day.
The next day showed much of the regain reverse, which is a worry as this engulfing candle could be a reversal sign.
However, watch price action over next couple of days to see how it shakes out or play it with a tight stop as the last decline of at the ATH was substantial (see yellow arrow - around 20%).
If this threat gets shaken off and the momentum continues then it could be a nice run up to more new highs.
The target for head and shoulders is typically the distance from the neckline to the head, so see the yellow measure of that which is added to itself to set the target.
Head and shoulders are just a pattern, they don't always work out, and i'm concerned about that engulfing red candle.
Correction soon This one have been skyrocketing nearly 100% since october. its crazy for a stock like NKT. It must get some kind of correction soom, im betting for Bear start. RSI and MACD indicate lower and lower tops
Further confirmation of new up trend in NKTLooks like a solid new up trend here in NKT. Good buying spot now in my opinion with a stoploss at around 145 DKK. Annual report out on the 26th of February.
Danish cable company NKT in new up trendLooks ready for a new up trend if the 140-142 DKK support line holds.
NKT Uptrend etc.NKT in a uptrend. NKT will do well in the green economy. They develop cables. Cables will be in demand as we switch from a Oil based economy to a more or less fully electricity based one. Have a nice day.
