NOVA CANNABIS INC (NOVC.CA) Stock Technical Analysis
Canada - TSX:NOVC - CA66980W1041 - Common Stock
Overall NOVC gets a technical rating of 10 out of 10. Both in the recent history as in the last year, NOVC has proven to be a steady performer, scoring decent points in every aspect analyzed.
Besides having an excellent technical rating, NOVC also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 1.75. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 1.74, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.
- A Pocket Pivot is a price/volume accumulation pattern. A Pocket Pivot occurs when price moves up with volume higher than the maximum down volume registered in the previous 10 days.
More info and screens
1.30
When analyzing the support we can see 4 important areas.
- A support zone ranging from 1.71 to 1.74. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
- Support @1.41 from a trend line in the weekly time frame.
- Support @1.36 from a trend line in the daily time frame.
- Support @1.31 from a trend line in the daily time frame.
When analyzing the resistance we notice one important area.
- A resistance zone ranging from 1.75 to 1.75. This zone is formed by a combination of multiple trend lines in the daily time frame.
The Technical Rating and Setup analysis above combine different indicators and trends in different timeframes. Individual signals from indicators may give more contradictive signals and should always be interpreted in the more global context.
| Indicator | Value | Signal | Comment |
|---|---|---|---|
| ChartMill Long Term Trend Indicator | UP | POSITIVE | The long term trend for NOVC.CA is up. |
| ChartMill Short Term Trend Indicator | UP | POSITIVE | The short term trend for NOVC.CA is up. |
| ChartMill Relative Strength | 94.98 | POSITIVE | NOVC.CA has a high relative strength, it outperformed 94.98% off all stocks on the market. |
| Simple Moving Average/SMA (20) | UP | POSITIVE | The current price of NOVC.CA is above the rising SMA(20). |
| Simple Moving Average/SMA (50) | UP | POSITIVE | The current price of NOVC.CA is above the rising SMA(50). |
| Simple Moving Average/SMA (200) | UP | POSITIVE | The current price of NOVC.CA is above the rising SMA(200). |
| Relative Strength Index/RSI (14) | 62.39 | NEUTRAL | The RSI value for NOVC.CA is a neutral value. |
| Moving Average Convergence Divergence/MACD (12, 26, 9) | 0 | NEGATIVE | The MACD value suggests NOVC.CA has a negative trend, although the MACD value is rising. |
| Stochastics (14,3) | 100 | OVERBOUGHT | The high Stochastics value suggests NOVC.CA may be overbought. |
| Average True Range in percent/ATR (20) | 0.81 | LOW VOLATILITY | The low ATR as a percentage value for NOVC.CA suggests low volalility. |
| Average Directional Index/ADX (14) | 37.56 | POSITIVE | The high ADX value value for NOVC.CA suggests a strong trend. |
Important!: this is just an example which is fully automatically generated based on the analysis above and should in no way be interpreted as a suggestion. Always make your own analysis and determine your own entry and exit points.
| ENTRY | EXIT | DISTANCE | CAPITAL |
|---|---|---|---|
| 1.76 | 1.70 | 0.06 (3.41%) | 25.00% |
| An entry @1.76. This is a Buy Stop order right above the resistance zone. | An exit @1.70. This is a Stop Loss order right below the 10 day low. | The worst case loss on the trade is limited to 0.06 points, which is 3.41%. | For a 0.85% total portfolio risk, you can invest 25.00% of your capital in this trade. |
- The generated setup is based on the nearest support and resistance areas. If you are looking for a more long term trade, probably a wider stop is advisable.
- This trade setup was generated fully automatically and should not be interpreted as trading advice. Always check the related news for upcoming earnings or other events. Make your own analysis and trade at your own responsibility.
TSX:NOVC (10/22/2024, 7:00:00 PM)
1.75
0 (0%)
NOVA CANNABIS INC / NOVC.CA FAQ
What is the ChartMill technical rating of NOVA CANNABIS INC (NOVC.CA) stock?
ChartMill assigns a technical rating of 10 / 10 to NOVC.CA.
Can you provide the trend direction for NOVA CANNABIS INC?
The current trend direction for NOVA CANNABIS INC (NOVC.CA) is Bullish.
What is the RSI signal for NOVA CANNABIS INC (NOVC.CA) stock?
NOVA CANNABIS INC (NOVC.CA) has an RSI value of 62.3882. This indicates that the stock is currently neutral.
What is the MACD signal for NOVC stock?
The MACD indicator for NOVA CANNABIS INC (NOVC.CA) has a value of -0.00274145, indicating a bearish trend.
What is the buy/sell signal for NOVC stock?
The buy/sell signal for NOVA CANNABIS INC (NOVC.CA) is buy as both the short term and long term trends are positive.