Tag: Novartis AG

Novartis AG Stock Code NVS.NYS

Outlook

Price broke below the cloud in the previous trading session and there is a change of trend from bullish to bearish. A potential Double Tops chart pattern is also warning of a possible price high and a reversal ahead. The reversal would be confirmed if price were to move below $89. Conversion and Base lines had a bearish crossover, hinting of a bearish price trend. Lagging Span is below price of 26 days ago and below the cloud, confirming the bearish trend. MACD remains bullish but is near to the zero line and a move below the zero line would change the trend from bullish to bearish.

Strategy                  

$89.50                Sell

$82.10                Price Target

$92.80                Risk Management Stop

2 weeks              Trade Duration

Novartis AG Stock Code NVS.NYS

Outlook

After price reached a high of $94.77 on 16 June 2021, price went into a correction and declined to a low of $89.14. When price reached that low, it was a gap down opening that was below the cloud. The candlestick on that day managed to stay and closed inside the cloud, keeping the uptrend intact. Conversion line and Base line had a bearish crossover but the two lines are close together and with price moving higher, there is likely to be a bullish crossover soon, Lagging Span is below price of 26 days ago but is above the cloud at the moment. MACD is bullish and during the decline, MACD had stayed above the zero line. In the previous trading session, price has moved above the cloud and the rally is likely to continue higher to the previous high at $95 in the next 2-3 weeks.

Strategy                  

$91.60                Buy

$95.00                Price Target

$89.90                Risk Management Stop

3 weeks              Trade Duration