Text book pennant on $NMG

Nouveau monde Graphite, daily.

Holy moly this is textbook. *Trade idea below*

The downtrend forming since Feb. 2021 seemed to have been picked up nice with a converging trend line and is now consolidating in a tighter range.

RSI and TSI follow the same pattern, can be seen even better on weekly timeframe.

With current macro context favouring commodities, and expected long term demande of graphite, I think a move to the upside rather than downside could be underway and we could see the beginning of a new cycle.

If looking to enter long position with low risk:
ENTRY: 6.45-6.35 range
TARGET: 16.50 ( + 143 %)
Stop loss: 6.24 ( - 3.5 %)
Stop loss high risk : 5.6 ( -13 %)