Post by
Indicator on Jul 18, 2022 3:21pm
NVA - TA
Short term technicals like RSI have tendency to pull at mid way point (50) when in Bear market.
The long buy for traders was the dive into mid $8 range. Now comes the show-me part, was it a short cover bounce but needs more time and possible retest, or does market sentiment support a break above uncertainty into more sustainable bullish sentiment.
A move up macro picture from here will likely require less chit chat about the "R" word and more chit chat about lack of OIL.
I will trade out if she pulls but try to hold on a bit to see if we push through RSI 50 with any conviction.
Pushing through and holding above RSI 50/Mid Bollinger with continued increase in Accum/Dist money flow would be mildy bullish and keep me in longer. Lagging MACD currently suggests a turn might be on the verge but needs confirmation. Trading under MA50 suggests more work needed before Bear can be called over. I'm still a trader and not long term investor of OIL.
Good luck!
Comment by
Indicator on Jul 18, 2022 3:30pm
M comments were on DAILY chart. imho, perma longs will want to watch the Monthly chart and be concerned if we break recent lows set at mid $8 area.
Comment by
Sugaree on Jul 18, 2022 4:14pm
Just to cionfirm I am looking at same 50 DMA, do you guys have $11.49 as of the close today? I have 200 mda at $9.09, and 100 dma at $11.04.
Comment by
Indicator on Jul 18, 2022 5:03pm
Yep - those are the moving average numbers. https://stockcharts.com/h-sc/ui?s=nva.to