Neovasc Inc (NVCN.CA) Stock Technical Analysis
TSX:NVCN - Toronto Stock Exchange - CA64065J4037 - Common Stock - Currency: CAD
Taking everything into account, NVCN scores 8 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, NVCN is showing a nice and steady performance.
NVCN has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 40.84. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 40.12, a Stop Loss order could be placed below this zone.
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38.60
When analyzing the support we notice one important area.
- A support zone ranging from 38.99 to 40.12. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
When analyzing the resistance we notice one important area.
- A resistance zone ranging from 40.84 to 41.13. This zone is formed by a combination of multiple trend lines in multiple time frames.
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 NVCN.CA is up. |
| ChartMill Short Term Trend Indicator | UP | POSITIVE | The short term trend for NVCN.CA is up. |
| ChartMill Relative Strength | 98.96 | POSITIVE | NVCN.CA has a high relative strength, it outperformed 98.96% off all stocks on the market. |
| Simple Moving Average/SMA (20) | DOWN | MIXED | The current price of NVCN.CA is above a declining SMA(20). |
| Simple Moving Average/SMA (50) | UP | POSITIVE | The current price of NVCN.CA is above the rising SMA(50). |
| Simple Moving Average/SMA (200) | UP | POSITIVE | The current price of NVCN.CA is above the rising SMA(200). |
| Relative Strength Index/RSI (14) | 59.38 | NEUTRAL | The RSI value for NVCN.CA is a neutral value. |
| Moving Average Convergence Divergence/MACD (12, 26, 9) | -0.22 | NEGATIVE | The MACD value suggests NVCN.CA has a negative trend, although the MACD value is rising. |
| Stochastics (14,3) | 43.87 | NEUTRAL | The Stochastics value for NVCN.CA is a neutral value. |
| Average True Range in percent/ATR (20) | 0.99 | LOW VOLATILITY | The low ATR as a percentage value for NVCN.CA suggests low volalility. |
| Average Directional Index/ADX (14) | 34.69 | POSITIVE | The high ADX value value for NVCN.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 |
|---|---|---|---|
| 40.84 | 39.27 | 1.57 (3.84%) | 25.00% |
| An entry @40.84. This is a Buy Stop order right above the 10 day high. | An exit @39.27. This is a Stop Loss order right below the 10 day low. | The trade has a worst case loss of 1.57 points, which is 3.84%. | For a 0.96% 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:NVCN (4/10/2023, 7:00:00 PM)
40.15
+0.23 (+0.58%)