Nanasonics (NAN.ASX) is the focus of this post with clearly marked support as well as resistance levels to watch. On the upside I see the high of the current week which has just ended as a RESISTANCE LEVEL to watch which is around $7.00 and the recent climax low at $4.00 as a SUPPORT to watch.To this effect,box drawn in Orange reflects the anticipated congestion boundaries going forward.Tests and retests of those two levels are expected until we see further moves in either direction ( up or down). Being in a MAJOR UPTREND may suggest a continuation of its major trend once the pattern/box resolves itself.
A nice watchlist stock for now, awaiting a retest of the support level of the Orange box over the weeks ahead. Yes, V reversals are also fact of life and what is expected may not unfold but if it did it may create a medium – long term opportunity for a re-entry to NAN.
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