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The Long Investor - $NU
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$NU was battling at the 50 WMA at $14.93 but we can see $NU is under heavy pressure in the PM and down 19%.
The sell off follows Lula’s surprise victory over Flavio Bolsonaro in Brazil’s presidential election.... investors had been betting on a more business friendly government, and the result has triggered a sharp sell off.
We’re now watching the Buy Zone between the 0.618 Fib at $12.84 and the 0.78 Fib at $11.17 with the 200 WMA aligning closely with the lower end of this level, making it an important area for buyers to defend.
This could complete Wave C, but to be clear support is not confirmed yet.
We need to see buyers step in and the price stabilise before considering an entry.
Once support is confirmed, our attention can turn back to reclaiming the 50 WMA at $14.93.
For now, patience is required.
$NU was battling at the 50 WMA at $14.93 but we can see $NU is under heavy pressure in the PM and down 19%.
The sell off follows Lula’s surprise victory over Flavio Bolsonaro in Brazil’s presidential election.... investors had been betting on a more business friendly government, and the result has triggered a sharp sell off.
We’re now watching the Buy Zone between the 0.618 Fib at $12.84 and the 0.78 Fib at $11.17 with the 200 WMA aligning closely with the lower end of this level, making it an important area for buyers to defend.
This could complete Wave C, but to be clear support is not confirmed yet.
We need to see buyers step in and the price stabilise before considering an entry.
Once support is confirmed, our attention can turn back to reclaiming the 50 WMA at $14.93.
For now, patience is required.
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