We've had a great run along with the market. Technically, again from a turbo
charged novice perspective, I see the next resistance point @ 27. After that,
getting through 30 seems like maybe a tall order. Opal, does 30 look like a
double top just like 20 was a double bottom? Hey, sure earnings, deals, and
buyouts play a role in all this. This time I'm really thinking of buying some
puts to protect myself if we're able to climb above 27 to 30.
Currently, the high from April 26th, $25.88, is "the next resistance point"! IT IS the next "double top", or will be if NUAN cannot rise and STAY above $25.88. Then the risk of a "triple top" occurs when/if NUAN fails to surmount the previous high
Yes, NUAN has made a lot of progress since late July, but the challenge of the climb has just begun. The $31.15 top of February 9th [that long ago??] is miles away, in my view. One of the few occurrences that will negate my view is if/when NUAN gets bought...a 10% or 20% pop would be expected if/when that should occur. For now, let's be realistic!
No, $31.15 will not become a double top unless NUAN hits it and does not breakthrough AND be sustained above it.
NUAN was UP $1.34 or 5.48% on 27% more than weekly volume, about 21.78 million shares. Actually, NUAN LOST a couple of point in its R/S and is now down to "69". Hard to believe but other stock did better last week, hence the R/S decline.
However, as I mentioned in an earlier post, NUAN's up vs down volume went UP a point to 1.1 The acc/dis still remains at a very positive "B"...but NUAN is getting into "overbought" territory. Still, a stock can go UP AND still remain overbought for quite some time.
A consolidation may be in the offing, given the recent rise in the stock's price. The money flow was quite dramatic this past week, so that is a very good sign.
Yet again, stocks go down a lot faster than they go up.