On daily chart the price action of NPXS has formed a falling wedge pattern and hitting 3rd time at the support of this wedge the formation of this chart pattern was started from 23rd Oct 2019 and every time the priceline consistently getting bounced from the support of wedge so we can expect this time soon we will see bullish divergence and the greens will be appeared.
Like every time the priceline of Pundi X is hitting the lower bands of Bollinger bands with hitting this pattern's support.
Indicators And Oscillators:
The moving average convergence divergence (MACD) is strong bearish.
The RSI is already oversold with the value of 25.27 before this it was 22.29 on 18 Dec 2019 and if we have a look on stochastic then it can be clearly seen that the stochastic has given bull cross.
So we have some how miscellaneous situation here only rely on bull signals from Stochastic will be bit risky.
The Harmonic Move:
If we see the harmonic move then the price action of NPXS is forming a bullish Crab after initial leg the A to B leg is retraced between 0.382 to 0.618 Fibonacci and B to C leg is projected between 0.382 to 0.886 Fibonacci projection of A to B leg after having all these legs driven as required for a perfect Crab pattern we can expected that the final C to D leg will be retraced between 1.27 upto 1.618 Fibonacci for the completion of perfect Crab pattern, sofar the final leg is retraced upto 1.208 Fibonacci.
I have defined the buying and sell targets as below for this bullish Crab pattern:
Buy between: $0.0001157 to $0.0001013
Sell between: $0.0001269 to $0.0001537
As per above targets if we enter in trade as per this bullish Crab pattern then we can have upto 51.5% profitable move but if the price action will breakout the 0.786 Fibonacci level of sell target zone which is at $0.0001537 then the Pundi X can have a breakout from the falling wedge's resistance as well.
But here we should set our stop loss point the potential reversal zone of this Crab pattern.
Best of luck and Regards,
Atif Akbar (moon333)
