Seems that the next week or so will be crucial for Nearmap Ltd (ASX:NEA). I'm seeing many mixed signals that is telling me simply to wait another week to see what happens. I love what I see technically, however I do have some structural concerns.
Bullish arguments:
Location: Ranging just above the 0.618 fib
Structure: Triple bottom off the 0.618 fib
Divergence: Strong div in histogram, currently unconfirmed. Triple divs in both willy and RSI (!!)
VPVR: Sitting at the POC
Candles: Last week produced a weekly bullish engulfing candle
Areas of concern:
VPVR gap below is nasty. Filling that void would result in ~28% drop from current prices.
OBV has been making lower lows since November. We're currently testing its 13EMA
Several weekly gaps below that haven't been filled.
Descending triangle chart pattern.
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1D chart does not fill me with confidence, I'm now leaning bearish. OBV showing that sellers are taking control. There is too much potential liquidity resting below.