Was interested to know why u'r bewitched with NXT so I looked at the charts - interesting exercise.
The monthly chart (always good for a long term perspective) shows it's in a mega bull phase, climbing from 100 in 1992 to around 1230. However, in the last month a great big black candle was printed suggesting a reversal in the coming months.
The weekly chart showed how this great big black candle in the monthly chart behaved. And boy did it behave badly - it dropped from 1230 to 1080 without stopping for breath, that is, until New Year's eve when it climbed back to 1129 (and how much confidence would you have in that????). If that decline continues it would probably end up around 950-1000.
The daily chart shows that from since Dec 22 it's been rising from 1080 to 1129. It's been trading in a downward channel, only breaking the top channel on New Year's eve.
The momentum charts are showing interesting behaviour. The patterns haven't quite emerged, but it looks like the price and momenta are diverging (always a dangerous thing to do - trying to predict what will happen ). If the pattern prints as I think it should, the price should fall back in the downward channel. It it does this tomorrow and stays there on Monday I might join the long term short club.
If you think all this is 'hokus pokus' then sorry I wasted your time. I found it great fun - so thanks for giving me the opportunity.
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