📊 Market Structure Insight
After a clear downtrend marked by consecutive Lower Highs (LH) and Lower Lows (LL),
NVO is beginning to show early signs of a trend reversal.
🔹 Recent price action has shifted into a Higher High (HH) and Higher Low (HL) formation – a classic sign of bullish momentum building.
🔹 Price is consolidating above a major demand zone (~$60–68), which previously acted as strong support. Buyers are showing interest here again.
🔹 The RSI is rebounding from oversold territory, indicating growing bullish pressure and a potential momentum shift.
📈 Upside Scenario (Projection)
If the current HL around $67 holds, we could see a continuation of the uptrend targeting key levels:
TP1: $90 – Initial resistance / possible gap fill
TP2: $120 – Mid-supply zone and structure resistance
TP3: $147 – Macro supply zone and previous all-time high
🎯 Trade Setup
Entry Zone: $67–70
Stop Loss: Below $60 (beneath key support)
Targets: $90 / $120 / $147
⚠️ Invalidation
Breakdown below $60 would invalidate this bullish setup and signal possible continuation of the previous downtrend.
💡 Watch for confirmation on the next HL / HH combo. A clean breakout above recent highs would further validate the bullish case.
After a clear downtrend marked by consecutive Lower Highs (LH) and Lower Lows (LL),
NVO is beginning to show early signs of a trend reversal.🔹 Recent price action has shifted into a Higher High (HH) and Higher Low (HL) formation – a classic sign of bullish momentum building.
🔹 Price is consolidating above a major demand zone (~$60–68), which previously acted as strong support. Buyers are showing interest here again.
🔹 The RSI is rebounding from oversold territory, indicating growing bullish pressure and a potential momentum shift.
📈 Upside Scenario (Projection)
If the current HL around $67 holds, we could see a continuation of the uptrend targeting key levels:
TP1: $90 – Initial resistance / possible gap fill
TP2: $120 – Mid-supply zone and structure resistance
TP3: $147 – Macro supply zone and previous all-time high
🎯 Trade Setup
Entry Zone: $67–70
Stop Loss: Below $60 (beneath key support)
Targets: $90 / $120 / $147
⚠️ Invalidation
Breakdown below $60 would invalidate this bullish setup and signal possible continuation of the previous downtrend.
💡 Watch for confirmation on the next HL / HH combo. A clean breakout above recent highs would further validate the bullish case.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.