NOVA CANNABIS INC (NOVC.CA) Technical Analysis
TSX:NOVC • CA66980W1041
We assign a technical rating of 10 out of 10 to NOVC. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, NOVC is showing a nice and steady performance.
- The long and short term trends are both positive. This is looking good!
- When comparing the yearly performance of all stocks, we notice that NOVC is one of the better performing stocks in the market, outperforming 94% of all stocks. We also observe that the gains produced by NOVC over the past year are nicely spread over this period.
- NOVC is one of the better performing stocks in the Specialty Retail industry, it outperforms 94% of 18 stocks in the same industry.
- NOVC is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so NOVC is performing more or less in line with the market.
- In the last month NOVC has a been trading in a tight range between 1.71 and 1.76.
- Considerably lower volume is observed in the last couple of days.
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
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4 important support areas can be observed.
- 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.
We found 1 important resistance 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%. | When investing 25.00% of your capital in this trade, your total portfolio risk will be 0.85%. |
- 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.
NOVC.CA Technicals: Chart, Performance Metrics, Trend & Indicators
TSX:NOVC (10/22/2024, 7:00:00 PM)
1.75
0 (0%)
NOVA CANNABIS INC / NOVC.CA FAQ
What is the technical rating for NOVC stock?
ChartMill assigns a technical rating of 10 / 10 to NOVC.CA.
What is the current trend direction of NOVA CANNABIS INC (NOVC.CA) stock?
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 short term momentum for NOVA CANNABIS INC (NOVC.CA) stock?
The short term momentum for NOVA CANNABIS INC (NOVC.CA) is positive.
What is the buy/sell signal for NOVA CANNABIS INC (NOVC.CA) stock?
The buy/sell signal for NOVA CANNABIS INC (NOVC.CA) is buy as both the short term and long term trends are positive.