NEXTNAT

[csong]

Starts moving up north since yesterday.

[roodye]

Looks a bit peakish. But news seems OK. Gpacket interested in stake?

[csong]

Looks a bit peakish. But news seems OK. Gpacket interested in stake?

3-Apr-06   CLOSE $0.545
13-Apr-06 CLOSE $0.715

31% gain!

[swingtrader100]

NEXTNAT broke past its resistance level at RM0.685 on 12/4. It is currently testing the RM0.685 price level to see whether it will hold as support.

[roodye]

csong,

great job man.... excellent choice.. where did i get it wrong?
the high goes higher...

[swingtrader100]

NEXTNAT is back after consolidating in a triangle pattern for the last 2 months. The last 2 days volume has been well above average when it made a breakout above the triangle upper line.

[Maxforce]

roodye,

The price is driven by greed - plan to move to main board.
TA wise, breakout with volume - so normally high goes higher
(the spirit of TA is buy high, sell higher mah)

Now, lets see if it breaks the current level and the ascending triangle pattern.
Then the tech target would be 0.74 which also coincide with the high in May.

Breakout of this 0.74 level would first find resistance at 0.845 (all time high)
Next would be psychological 1.00 mark.
Then would challenge the tech target in uncharted territories of 1.07

In retrospect, first support 0.61 (EMA)
Then 0.58 support level.
Then 0.50 key support level.

Breaking the 0.50 key support would send the whole stock tumbling
(though this scenario is highly unlikely)

[bizfun]

Very good comments 

[theng]

For me Key resistance will be at about 69c.

This thread having 8 posts, had views 503 time, so I can feel that many traders holding this stock, wait for good time to clear it off. 

[Maxforce]

Thanks bizfun 

theng,
Could I know why key resistance is 69c?
(You know, our resistance and support levels always different by few points - having made a few comparisons )

[theng]

Thanks bizfun 

theng,
Could I know why key resistance is 69c?
(You know, our resistance and support levels always different by few points - having made a few comparisons )

Resistance and support, All the  time depend on the 1 who set the point and how u set it(I remember I did talk about this in GAMUDA thread), as for  NEXTNAT I set it as 69c because previous support become future resistance,
so what is your resistance than?

[eric1963]

however i plot the support will be at 0.58 to 0.60.
after breaking 0.62 there is no more resistence.
but there is an adjustment after 0.70.

[Maxforce]

Resistance and support, All the  time depend on the 1 who set the point and how u set it(I remember I did talk about this in GAMUDA thread), as for  NEXTNAT I set it as 69c because previous support become future resistance,
so what is your resistance than?

OK.. understood... just curious about how different our methods are, thats all 

Btw, just wondering about your views on support and resistance - if you agree with the statement below
"A strong support will become a weak resistance, and vice versa."

My 74c is a tech target based on patterns. It is not a resistance/support level. More like fair value in terms of TA.
The resistance 84.5 is based on all time high.
1.00 is always a psychological resistance but if got strong volume support, I suspect this could easily breached.
1.07 is another pattern's tech target  - not a real resistance/support.

Note: Tech targets normally indicates like TA's fair value but does not indicate support or resistance.
Like fair value in terms of FA, prices of the stock normally goes higher or lower but it is a target lah 

[theng]

Well your analysis are reasonable and can accept, good work, but I feel u still have a long way to go  on TA(when
U do not have to ask me why set at 69c) don't depend on our member "AY" trading method too much, waste time
and not accurate.

[Maxforce]

Well your analysis are reasonable and can accept, good work, but I feel u still have a long way to go  on TA(when
U do not have to ask me why set at 69c) don't depend on our member "AY" trading method too much, waste time
and not accurate.

Of course... of course.... never claimed to be an expert. Just an intermediate player that have tremendous hunger for more knowledge

But but but...  the 69c is the support level during Apr - May right?
And and and this year 2006 high is during that period - in which the breakout (or is it breakdown  ) of this support line started the onslaught downtrend.
Hence you ve identified this 69c as key resistance.

Which comes back to my question earlier -

Btw, just wondering about your views on support and resistance - if you agree with the statement below
"A strong support will become a weak resistance, and vice versa."

Another note is on AY's method - interesting concept actually if you asked me, though I have not applied them - its technique is also originally based on EW - which means due to the liquidity issue in KLSE stocks, it probably would not work. THen another problem is like what you ve highlighted previously - timing. As his is based on hourly charts, he may missed the timing differences in daily charts. In addition, his plotting of D point at times are flawed, in my opinion at least, because he depends on the price difference to draw them - not potential reversals from candlestick patterns, (though now may be different, after I made some hoo hah at his blog)

Btw, the pattern I mentioned has nothing to do with AY's method. Just Pattern