Home > News > NVE Corp.: The Good Times Are Back
July 3rd, 2007
NVE Corp.: The Good Times Are Back
Abstract:
On Friday, NVEC provided the first buy opportunity when it broke through the downward trend (by drawing a line across the highs) of the handle. Today, it confirmed that move and provided a second buy opportunity when it cleared the high of the handle formation above 37.67. Over the past two days, the stock has vaulted nearly 20%, but the volume behind the move is a bit of a concern. Trading volume today was less than the volume during the move in early May as well as the move on February 26th. That being said, I believe the stock has enough momentum to hit resistance around the November '06 highs, but should not be chased at these levels. If you missed the two buy opportunities wait for some kind of pull back to at least 37.67 and preferably to the area around 35. I'm looking to take profits around the November highs due to the severity of this base which is too deep with sell volume too intense in the left side. I believe the base is prone to failure after it hits 45, but would reconsider another position if it can surge above that level and hold for a few weeks.
Source:
chip.seekingalpha.com
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