Following up from previous CFD SELL CALL IN Feb. NOL has indeed traded to a low of 0.94 before rebounding. Congrats to those who profited from the short term downside.
Now, over the past 2 weeks, have seen it find a new consolidation phase from 0.985 to 1.01….. Monitor for any DOWNSIDE breakdown of the 0.985 support which is also near the 20 DAY Short term MA support. Entry for short positions from 0.97 to 0.98 with buy stop at 0.995. Target would be back to 0.94. Only the upside breakout of 1.03 will invalidate our bearish scenario, in this case a recovery should shape towards 1.06 then 1.10.
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