$NVO Trade Idea – Potential Bullish Reversal Setup📊 Market Structure Insight
After a clear downtrend marked by consecutive Lower Highs (LH) and Lower Lows (LL), NYSE:NVO is beginning to show early signs of a trend reversal.
🔹 Recent price action has shifted into a Higher High (HH) and Higher Low (HL) formation – a classic sign of bullish momentum building.
🔹 Price is consolidating above a major demand zone (~$60–68), which previously acted as strong support. Buyers are showing interest here again.
🔹 The RSI is rebounding from oversold territory, indicating growing bullish pressure and a potential momentum shift.
📈 Upside Scenario (Projection)
If the current HL around $67 holds, we could see a continuation of the uptrend targeting key levels:
TP1: $90 – Initial resistance / possible gap fill
TP2: $120 – Mid-supply zone and structure resistance
TP3: $147 – Macro supply zone and previous all-time high
🎯 Trade Setup
Entry Zone: $67–70
Stop Loss: Below $60 (beneath key support)
Targets: $90 / $120 / $147
⚠️ Invalidation
Breakdown below $60 would invalidate this bullish setup and signal possible continuation of the previous downtrend.
💡 Watch for confirmation on the next HL / HH combo. A clean breakout above recent highs would further validate the bullish case.
