$NZC chart update. Daily chart shows $NZC found support on the...

$NZC chart update.  Daily chart shows $NZC found support on the 61.8% Fib retracement.  The recent lows also confirmed support on the break out of the longterm downtrend (refer to weekly chart below).  A nice bullish candle on Friday.  For continued upthrust we will require volume to come in.  Daily chart is now above all the moving averages except for the 50 day MA.  Next tests are 36c then the 40 zone.



I really find the $NZC weekly chart fascinating and encouraging.  The chart broke out of a longterm downtrend at the end of last year.  The chart continued upward and broke through previous 12 month highs at the 40 level.  This also completed the formation of a very long time frame cup.  $NZC lost momentum and failed at the 200 weekly MA (white line) - a major hurdle.  We then saw distribution and shake out as  both Traxys (who have been replaced by Huayou - similar business) and weak retail hands exited.  This is where it gets interesting.  On the weekly we saw textbook stopping volume over 3 weeks of heavy distribution culminate on the week of the 9/2/18 - with a long hammer doji on high volume.  This retracement has technically obeyed 2 important chart characteristics.  1) $NZC retested the longterm downwards trend line and found support (also the 61.8% Fib level).  This is textbook behavior to retest previous resistance as support (Tick). And 2) in doing so we formed the handle of the very large cup formation - with a pattern target in the mid 60s.  Last week was the first clear indication (in 6 weeks) of buyers stepping in and taking $NZC out of the handle formation - with a nice green weekly bar on decent volume.  Both of these are very constructive and provide strength moving forward.  Where to from here?