NUS, example of a technical setup
NUS is a ticker that I missed on 10.7.15, It opened down 17% from the prior day close of $46.57. Usually when a stock gap down so significant, we know that it’s a major institution move. The low for the day was $34.03, which give or take it held April 26,2010 swing high. It was an area I charted earlier in the morning but never got to trade the stock due to other trades. Like all my trades, I usually start analyzing major price levels on a larger time frame. NUS monthly looks like a classic head and shoulders pattern with the neck line slightly breached. It was an excellent short for a 5 point move down. If you remember this ticket it had a major “news” the first week in Jan. where it came crashing down. Chinese stocks are always a cautious investments. What ever the negative news was (most likely a “fake, or Ponzi” type company) It set the tone for the weeks proceeding.
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