TSXV:NYX.DB - Post by User
Post by
eljoroon Apr 21, 2017 9:14pm
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Post# 26151765
Technicals turning positive
Technicals turning positiveI've been watching for some positive technical indicators lately. We've effectively been range-bound for about 4 months. The thing is that this range (roughly between $1 and $1.20 comes on the heels of a steep and long decline. This range, with respect to the long term chart, can be seen as basing. Typically the longer the base the more dramatic the eventual upside break-out.
A 4 month base after a long decline isn't that long but it's definitely a noticeable base on the lonf term chart, and the last few trading days have started to show some improved technicals, both in the short and the medim term. With today's close we passed above the 21 days moving average (short term positive) and the 21 week moving average (a stronger, more intermediate term indicator).
A close above $1.21 early next week would be another huge positive technical step, and if the number next week are halfway decent we should get there.
I'm cautiously optimistic for the first time in awhile...
El Joro