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Nuvista Energy (NVA-T, Monday’s close $18.08) rallied from 72 cents in October, 2020, to $14.29 in June, 2022, (A-B) and then settled in a broad horizontal range between roughly $10.00 and $14.50 for nearly three years (dashed lines). The recent rise above the top of this range to $19.08 signalled a breakout and the start of a new uptrend toward higher targets (C).
Technical indicators – including the rising 40-week Moving Average (40wMA) and the rising trendline (solid line) – support the bullish outlook. Nuvista Energy is currently overbought and far above its average; a minor pullback toward $16.50-17.00 would provide a better entry. There is secondary support near $15; only a sustained decline below this level would be negative.
Point & Figure measurements provide an initial target of $23. The prior trading range (dashed lines) further supports the potential for higher targets.
Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart, courtesy of www.LSEG.com