Buz Investors Nintendo Stock Breaking Out Nintendo Co., Ltd (ADR) (OTCMKTS:NTDOY) has produced some of the most iconic games in history,

Nintendo Stock Breaking Out, Pointing to Higher Prices


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Buz Investors Nintendo Stock Breaking Out Nintendo Co., Ltd (ADR) (OTCMKTS:NTDOY) has produced some of the most iconic games in history, and I had spent much of my youth indulging in Nintendo consoles and the wonderful video games they’ve had to offer. Even though this places Nintendo close to my heart, I can assure you that this affinity with my past has not swayed my judgments when it comes to NTDOY stock.

I am returning to Nintendo stock to follow up on a report that I published earlier this year titled “Nintendo Stock Chart Is Favoring the Bulls” In this report I outlined that there a number of indications that were supporting price, which also suggested that bullish outcome was a possibility. This possibility is now coming to fruition, and as a result, I believe that higher Nintendo stock prices are now on the horizon.

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Nintendo Stock Breaking Out

For anyone who is not familiar with my work, I use technical analysis to generate my views on a potential investment. This method of analysis is based on the notion that historical price and volume data can be used to discern trend and forecast future prices. As a result, the price chart is where I generate the indications that produce my investment views.

The popularity of this tool has caused traders to coin the phrase “trading into the box.” This phrase is in reference to the 50%–62% retracement of the primary advance. Traders use this level to apply appropriate trading strategies and the fact this this level coincides with the $24.00 level serves to reinforce the view that quite a significant amount of price support is present at $24.00

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On March 17, 2017 Nintendo exited the consolidation pattern in an upward direction, and this event is highlighted on the chart above as a “breakout.” The “breakout” indicates that a new impulse wave is now set to develop and higher price can now be expected.

This wave structure not only defines the next direction price will take, but it can also be used to define a potential price objective. This price objective is based on the notion that impulse waves that separated by a consolidation wave tend to mirror each other. If I apply this logic to the structure that has developed above, it creates a potential price objective of $45.00. This price objective reinforces the notion that higher prices will prevail.

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