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Nouveau Monde Graphite Falling Wedge Pattern
The elevator pitch for those who don't know about Nouveau Monde Graphite: It's a company making the biggest all-electric graphite pit mine in NA that will be carbon neutral, and vertically integrate battery anode production. This is obviously a very big play into grid/transportation electrification.
Nouveau Monde Graphite had explosive growth during the 2020-21 bull run but has since retraced ~50%. After a 10-1 stock split in an attempt to get on the NYSE (still pending), and an announcement that Nouveau Monde can dilute 500 million dollars in shares for project funding, some investors are growing fearful.
In my opinion, what we are witnessing is an exodus of short-term traders, which is provoking fear in some weaker-minded investors.
If you look at the chart, you will notice a falling wedge resting on a Fibonacci retracement, with a Fibonacci time zone near the close of the wedge.
The share price is still considerably below the 200d SMA, while the RSI and MACD are indicating that it's oversold.
I foresee a break-out in the following weeks.
Disclaimer: This is just my opinion, I am not a financial advisor.
Nouveau Monde Graphite had explosive growth during the 2020-21 bull run but has since retraced ~50%. After a 10-1 stock split in an attempt to get on the NYSE (still pending), and an announcement that Nouveau Monde can dilute 500 million dollars in shares for project funding, some investors are growing fearful.
In my opinion, what we are witnessing is an exodus of short-term traders, which is provoking fear in some weaker-minded investors.
If you look at the chart, you will notice a falling wedge resting on a Fibonacci retracement, with a Fibonacci time zone near the close of the wedge.
The share price is still considerably below the 200d SMA, while the RSI and MACD are indicating that it's oversold.
I foresee a break-out in the following weeks.
Disclaimer: This is just my opinion, I am not a financial advisor.
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Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.