Apparently there are two completely opposite opinions towards NOT trend over the next several weeks to months. So “without positive news” let’s crack NOT with technical analysis again.
Without a doubt NOT is forming a symmetrical triangle. The apex is around at the end of June. Either continuation or reversal, the direction should be determined after a valid breakout. Since the breakout is too close to apex, the strength may be pretty weak. But you never know. Anything could happen, just like it happened in January.
Breakout direction is upside or downside? It’s almost impossible to predict at this stage. But considering in the long term NOT uptrend (see EMA 200); before the end of June NI43-101, TSX listing, E2/E3/E4 assay results etc expected to happen; PRB, BMK, FNC et al drilling soon... so IMO the breakout should be upside. (TA also shows a new sp low is unlikely to form according to RSI - if a new low appears but RSI doesn’t go lower than the previous low, a reversal is a sure thing. Gap-filling at $3.20-$3.24 could be a fake downside breakout. Watch out closely!)
Once it’s confirmed (increasing volume, breakout in price), it will climb up slowly since the breakout is just before the apex. The target will be around $8.50 in 3-4 months (September to October).
This is technical analysis, not financial advice.
