Nel ASA (NEL Stock) in front of a new bullish cycle
Nel ASA is a Norwegian heavy electrical equipment company. It provides solutions for production, storage, and distribution of hydrogen from renewable energy sources. Founded in 1927 and headquartered in Oslo, Norway, it can be traded under the ticker $NEL at Oslo Stock Exchange. Nel is a part of OBX25 index.
Nel ASA weekly Elliott Wave analysis 05.21.2021.
The monthly chart below shows the Nel stock $NEL traded at Oslo Stock Exchange. From the all-time lows, the stock price has developed a cycle higher in blue wave (I) of a supercycle degree. Nel has printed the all-time highs in January 2021 at 35.15. Without any doubt, the advance is a textbook quality impulsive move up in 5 waves. Hereby, the red wave III shows a clear subdivision in five waves. Also, within the black wave ((3)), one can distinguish five waves. It is a well-known fact, that the market does not trade in a straight line. Indeed, after 5 waves higher, a pullback in at least 3 waves lower should take place. Only then, a new cycle higher can start.
From January 2021 highs, on can see a zigzag correction in the blue wave (II). Hereby, red waves a and b have already ended. Now, wave c of (II) is in progress and can reach lower towards 13.11-4.42 area. From there, a new cycle in wave (III) should start or a bounce in 3 waves at least should take place. Investors and traders can be looking to buy Nel from 13.11-4.42 area targeting the new all-time highs.
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Author
Elliott Wave Forecast Team
ElliottWave-Forecast.com
