A chart analysis on the Romanian stock Norofert using “Refined Elliott Waves” theory
Sometimes, looking at a chart can be disarming, especially on a stock like Norofert. Today, I analyze Norofert’s stock (listed on BVB: NRF) using a chart analysis based on the “Refined Elliott Waves” theory.
Norofert Chart Analysis
The Norofert share price is in an intermediate phase, a wave B structure, corrective, started on March 4, 2022, colored in orange and which still has a segment to complete, wave C, with purple, after which I expect a descent intermediate to end with this, the wave of higher grade B, with black which is a Running Flat, after which again. With this second climb in price, the X wave will have been completed from the W-X-Y complex structure somewhere around the middle of the current year, 2023.
Trading The Norofert Stock
I am still holding this company. However, I am reserved about the price increases; I expect it to go up above 7.1, but not very much, because it has all the characteristics of a repetitive Running type model in terms of price and time. I want to get out of this action to profit later when the share price has been taken below the historical lows from the value of 6.55 when the Y wave is complete.
At the moment, I have a little over 3% of the portfolio with an average purchase price of 6.97, bought in three trances, and maybe I will be able to get rid of them on the structure of the C wave, not black if necessary.
Be careful with this stock because these waves are particularly complex, and only some drops below 6.55 are necessarily a winning bet because the Y wave will also be complex, consisting of three well-subdivided waves. Unfortunately, if wave X and wave Y end in the summer, it is possible to have descents that are integral parts of wave Y for two years if W and Y have at least the same duration. However, we will see more about how the complex Y wave will unfold and its targets when the entire A-B-C structure is in black, and implicitly, for greater accuracy, the X wave will be completed.
If you want to take how I manage my transactions on this stock and how I want to buy on future declines to obtain a higher percentage of profit (a more efficient dollar cost averaging), I am waiting for you with questions at the email address: office@morraevo.com
Disclaimer: This material is not investment advice; if you trade/invest guided by this article and record losses, it is solely your responsibility! I have no background in finance or investments, so you should ask for specialized counseling regarding investing in stock markets. Also, the articles I wrote do not promote any brokerage endorsement; the brokers mentioned are purely informational (what I use), so any losses due to the closure of collaboration or any other reason are your responsibility.