NCC set for a rebound?LSE:NCC
Is the sell off here warranted? I am not so sure as there are 2 diverging activities here.
Initially from the 13th of September, the fall was looking justified with increasing volume on any new lower candles.
Yet this last candle has produced one of the highest volume days yet, trading within a smaller range than previously.
So I am now seeing increasing volume, on shorter bodied selling candles, telling me buyers are absorbing all the sell orders the market can throw at it.
Looks like a change in sentiment and this will go on my buy list for Monday.
NCC trade ideas
NCC WAY oversoldNCC has fallen by 29% on the opening bell after announcing EBITDA will be 20% lower than forecast. This, however - is STILL above the forecast given last year.
In January, assurance forecasted to be 35% higher than expected so a hit now comes off a higher than expected base. The fall is HUGE - expecting a bounce to FIB levels. Hoping to BUY tomorrow morning - getting a 11% spread right now due to volatility but target 1 around 120, 2 around 130 and feel it could retrace back to 140-145 before continuing downtrend.
HIGH RISK TRADE!!