Northam Hinting at Bearish 2024 First Half

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Northam price has gone lower than 10 November low seeming to confirm a cycle failure, this puts the share in intermediate decline. We also see price action carving a rising wedge that is yet to break but has a higher confidence in breaking to the downside. We therefore look at the bearish Pitchfork and the retracement lines in how they interact with price & time for guidance on when likely the weekly cycle reaches a bottom. The weekly cycle ranges from 20 weeks, short and 30 weeks on average.

٢٨ ديسمبر ٢٠٢٣

ملاحظة

The wedge broke to the upside, price faces resistance at a parallel channel. There is a likely it is a FBO (False Breakout) & we see swift move to the downside.