On monday $NBIS broke out of the downtrend where it met some resistance at $230 (as I had expected in my previous recap). The stock got hit with some bearish news with Michael Burry shorting the stock, the Vineland city meeting being delayed and overall market uncertainty. However this does not change the original thesis about the company so these dips are just an opportunity to load up more. Today’s candle tested the 120 daily EMA at the lows and bounced sharply which is a good sign. It also closed above the trendline so what appeared to be a breakout invalidation did not decisively happen. In addition, it looks like an inverse head and shoulders pattern is emerging which is a bullish signal for the stock, but the price could also just consolidate in between the $143 and $200 levels until the next leg up. Remember this is a very volatile stock so these moves should not make shareholders panic. Next week will be big for $NBIS given earnings and Vineland site announcement. They could also announce any new deals which they have historically done around these times as well. NFA
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