Happy Monday everyone
And yes, very nice it is to see NWH gaining some price ground .
We have closed - not unexpectedly - on chart wizard’s line of resistance having tested it, and even jumped lightly over it for a bit today .
$1.81!
...And I agree Parma, we are stronger than ever - security around Gascoyne, the FMG contract (and possibly more to come there?), Golding’s potentially big ECI with Fitzroy Australia
https://nrw.com.au/golding-early-contract-involvement-eci-award/(- roads, dams, bulk earthworks and associated civil infrastructure).
..... and surely imminent news from Rio which must be very keen to get cracking on Koodaideri.
Plus NRW has reorganised it’s funding, has been paying debt down and is probably building it’s cash position.
Plus everything else - the retention of key people, it’s popularity as an employer, and so much more.
But despite the jump higher at close and a small daily increase in volume of around 170,000 shares, the average price was still only around $1.782, and last week shorters continued to dominate (or vie for domination).
On Friday short sales comprised 46.44% of 377,222 shares traded, through December they have maintained a daily average of between 45 and 50%.
On low volume.
Which makes the ‘true sales’ volume even lower.
Which I don’t like even if it is because everyone’s still away on Christmas Holidays.
..Which is possibly also the fault of the US Markets and overall global tension ( sales volume at NWH not people’s Christmas Holidays)
I have been reading a little on Wyckoff despite myself , and he reckons while the market never behaves the same way, the price cycles are predictable - accumulation, markup, distribution and markdown
But I do not think nWH is playing by these rules ...
Ie we had a ‘markdown’ so we should be seeing ‘accumulation’ before seeing price ‘markup’ .
And we just see shorting and volume buyers missing the huge opportunities ...
(Which is possibly because no one in their right mind is going to sell any big volumes?)
My Wyckoff also talks about ‘spring’.
I gather it’s a jack in the box signal where the market signals an opposite direction to the one it really intends to take (sneaky!)
$2.17 was a very clear example of ‘spring’ in the upwards direction followed by a downturn
Hitting $2.40 the other day - so far under the trend line may have been the contrary signal for spring upwards even though accumulation is supposed to happen before the spring gets inserted ...
Anyway I hope so .
And thank you to everyone who gave me kind thoughts last week ..xx
(20min delay)
