Bought 1000 NXG at 1.52:
This is a decent ascending triangle break-out and a commodity play.
My assumption is that NXG just broke out of a bullish ascending triangle. It made about a 90% up move prior to forming the continuation pattern. I expect it to repeat the move, with a price target of around 3.03. Areas of resistance will be around 1.65, 1.81, and 2.85.
My assumptions will be proven wrong if the stock breaks down below the ascending trend line. Currently this is at about 1.41.
UPDATE 5/7/09:
Chart Addict just sold his NXG, claiming exhaustion. I think he's wrong, at least according to my price-target metrics. I'll hold until it breaks down.
UPDATE 5/12/09:
NXG is still looking pretty good to me!
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