ASX: NORTHERN STAR RESOURCES LTD – NST Elliott Elliott Wave Technical Analysis TradingLounge

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with NORTHERN STAR RESOURCES LTD – NST. We see ASX:NST stock starting a Bullish trend, and this analysis will show the optimal and effective trading strategies for the upside potential of this stock.

ASX: NORTHERN STAR RESOURCES LTD – NST 1D Chart (Semilog Scale) Analysis

Function: Major trend (Intermediate degree, orange)

Mode: Motive

Structure: Impulse

Position: Wave 3-grey of Wave (3)-orange

Details: I saw price action evidence that wave 2-grey ended as a Double Zigzag labeled ((w))((x))((y))-navy at the low of 15.06. And the subsequent push up also suggested that wave 3-grey was indeed moving higher, heading towards the nearest target at 20.00.

Invalidation point: 15.06

ASX: NORTHERN STAR RESOURCES LTD – NST 4-Hour Chart Analysis

Function: Major trend (Minute degree, navy)

Mode: Motive

Structure: Impulse

Position: Wave ((i))-navy of Wave 3-grey

Details: Looking more closely at wave 3-grey to look for a long trade setup, I see that wave ((i))-navy will soon complete, and we will have a pullback with wave ((ii)). That is the time to observe, analyze, and prepare for a long opportunity. And the most effective and safest long strategy is when the price pushes higher than the end point of wave (b)-orange of wave ((ii))-navy. 

Invalidation point: 15.06

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: NORTHERN STAR RESOURCES LTD – NST aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.

Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).

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