NSC Big Picture – HMA Wave
- From the bottom of the range, price has trended upwards. The only deep retracement was at the top of the long-term range.
- Price broke out of the range with a gap followed by a strong bullish day. The upwards trend continued.
NSC Small Picture – HMA Wave
The slow moving average is a 233-period weighted moving average. Its slope shows the market bias. The fast moving average is a 21-period Hull moving average. Its slope guides our price wave analysis. We colored the moving averages according to their slope for easy analysis.
These tools come from jjrvat’s price action approach.
NSC is in a down wave. However, the three-bar reversal pattern signals a possible end to the down wave.
- Price has a solid bullish structure of higher highs and lows.
- The bullish channel based on recent price pivots is containing price well.
- The bullish trend line rejected price as shown by the three-bar reversal pattern .
HMA Wave Trade Analysis
The trend is upwards. Considering the long-term range NSC broke out from, we expect the price to rise further over the long run.
The wave analysis using HMA and the three-bar reversal pattern presents a great long entry.