Profit Booking In NanoTech Entertainment Inc. (OTCMKTS:NTEK)

Posted by: : Shayne HeffernanPosted on: June 24, 2014 Profit Booking In NanoTech Entertainment Inc. (OTCMKTS:NTEK)

NanoTech Entertainment, Inc. (OTCMKTS:NTEK) on the daily charts saw a very strong upmove in last couple of trading sessions on the back of very high volumes which is a very bullish sign for the stock. In yesterdays’ trading session, some profits were taken off the table but it was back of low volumes which make me confident that the uptrend might resume in the stock in the coming trading sessions. The stock is currently trades above its 50 day moving average but is below its 200 day moving average which makes me believe that a strong support for the stock in place on the downside in the medium term.

The momentum indicators for the stock are in a strong uptrend and are showing no signs of weakness which is in line with my bullish stance on the stock. The relative strength index for the stock though has given a reversal indicator which makes us cautious and I would believe that traders should maintain a very strict stop loss at $0.060.

On the weekly charts for NanoTech Entertainment, Inc. (OTCMKTS:NTEK) the stock has formed a very good support at its 200 day weekly moving average and has shown a good reversal and has seen the stock enter a bullish uptrend. The momentum indicators and the relative strength index for the stock have both given fresh buy signals which confirm my bullish view on the stock in the near term.

Latest Buzz: NanoTech Entertainment, Inc. (OTCMKTS:NTEK) announced that is Nuvola NP-1™ 4K Ultra HD streaming media player has passed the Google Compatibility test which was taken up very well by traders and investors who believe that this is very good news for the company in the medium to long term in terms of profitability and growth.

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Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.
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