Novacyt s.a. price analysis: NCYT sustains a massive loss as bearish journey begins

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Novacyt s.a. shares (LSE:NCYT) have experienced a massive loss, which happens to be its biggest single day loss in recent times. From June 2020 to October 2020 the market rose commendably, only to nosedive, erasing most the gains it saw in October 2020.

Price ripped through the lower Trendline and stays far below it, forcing a bearish bias to begin. The RSI period 14 has moved below the level 50, going close to the level 40 (which may also be broken to the downside). The market would eventually become much oversold as price remains under selling pressure.

The current bearish outlook on the market would remain as long as the RSI does not go to the overbought region and price itself does not go above the upper Trendline – although it may temporarily stay between the upper and lower Trendlines.

The next targets for NCYT are 600.00, 500.00 and 400.00, which would be attainted within the next several months.

 

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