TA Monday - Namaste TA Monday update — Will the backtest hold?
One of the best performing (and desired) TA patterns is a Break, Hook and Go. We got the Break when we broke the resistance.
We got the Hook today when we backtested the old resistance as support at $0.26 CAD / $0.20 USD (Also backtested 50 day MA).
Next we want to see the Go as a second upswing in price to new local high levels if the fundamentals play nice (earnings). And stay above that support/resistance level after Earnings and hereafter.
Same price targets as posted before.
Remember, TA targets don’t play out if fundamentals don’t hit. TA targets are there for WHEN the breakouts happen. If upside targets are not hit, then it’s a signal that the stock is an underperformer. If targets are exceeded, then the stock is an overperformer. Namaste has certainly been in the underperforming category. TA won’t fix that. But it can confirm it. Let’s hope that changes soon.
I’m with y’all this week. Looking forward to some improvement in earnings and price increase to follow. Grateful that ER’s are no longer delayed and management strategy feels stronger. We’ve come a long way.
Good luck y’all. Peace.