risky NURO recent change of direction due to potential catalyst
With recent move above downward trendlines and brief sideway action pre split, a confirmed uptrend began with channel from break out price near 3.20 coupled with upper channel formation from prior low. This gave green light for short term trade toward prior high points near 4.78. After initial break out the low band of channel began to form and price has continued along this short term high angle uptrend. Trend reversal target of 8.50 can be confirmed using point and figure analysis, along the way there are several pivot points with 0.80 cent and above 1.00 intervals.
With first target already made will watch for 4.78 to act as support in price before heading back up toward higher targets. Watching this low float set up and follow through realizing this is a binary news event stock whereby the next announcement will either confirm stock holder equity that has been valued with funds from selling parts of the company and /or merger announcement to offset the shortage of cash for future operations or incur a rapid sell off from a new equity offering that dilutes current share prices.
With first target already made will watch for 4.78 to act as support in price before heading back up toward higher targets. Watching this low float set up and follow through realizing this is a binary news event stock whereby the next announcement will either confirm stock holder equity that has been valued with funds from selling parts of the company and /or merger announcement to offset the shortage of cash for future operations or incur a rapid sell off from a new equity offering that dilutes current share prices.
Trade active
Oscillators were in over bot territory at time of re-tracement to test 4.78 support. Price and oscillators have extended toward normal re-tracement prices and resetting toward oversold readings. Trade is still active with time for price to consolidate and then reclimb upwards towards price targets. Reversal 4 hour candle from 4.05 - 4.40 prior to close on Friday is timely indicator with confirmation needed by beginning of next week price action. Less than a month remain for end of year announcement towards funding 2020 operations and company profile going forward.Trade active
$4.78 pivot has been engaged as end of tax loss trades take place last week of year. New's tonight of long sought compensation changes that not only save $1 per share a year in expenses but management now being paid in shares at current price of $4.58. Best news in years for company and it's owners..shareholders! Expect price to appreciate the positive change in shareholder governance along with their plans for 2020, by news of corporate change such as merger and/or sale of parts of company. ANY positive news with be positive for stock price going forward...and upward towards targets.Note
Volume spike with no price move on low float is not inline with normal uptrend development. Suspect sabby funds has once again converted preferred into common with limit to hold only 10% they are selling excess and likely shorting along the way. Seems they always spoil any chance for price appreciation as a full time strategy. This has been going on fir years at every large volume spike. Why sabby won’t let the price take off is a mystery but their fingerprint on volume spike failures is very obvious. I had hoped for $13-$20 price targets but now think range may only be $7.50-$12Note
New uptrend line formed from Jan 6-7 prices has a higher angle than the 45 degree angle formed by mid November and mid December prices used to capture prices during the A-B-C downward move to original buy zone. Oscillators have reset and look ready to turnaround with last few days of higher prices to form uptrend.Note
NURO finally moving off pullback area from recent ABC wave. IF true this should be the construct of a nice five point third wave up that has just begun. Slow structure targets 6.50 yet with indications of less than 2 week window of trading before corporate news is to be announced regarding business plans for 2020, the wave up could have a blow off that takes out 8.50 target and above. While possible will only map the apparent price projections based on observed pricing patterns....but open for news event spikes of course. In it to win it would give us pre split prices above 1.30 towards 2.00 ($13-$20). Anything more would be pure speculation has this company has a track record of disappointment and shady Shabby influence. Good luck to all
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.