Nextplay Technologies Inc (NXTP Stock) priming to move higher

Elliott Wave Forecast Team ElliottWave-Forecast.com

There is no shortage of Meme stocks these days to trade. Zac Morris is a trader who has a large following on Twitter. Lately, his stock picks have had the “wall street bets” effect where retail floods in to create large surges in price. I decided to take a look at his latest pick, Next play Technologies. First, let's take a look at what they do as a company:

“We develop engaging and exciting products and services in over-the-top (OTT) content entertainment, gaming, in-game advertising, travel, and fintech/crypto banking, leveraging AdTech, Artificial Intelligence, and Blockchain solutions. By combining our existing technologies’ strengths with the acquisition of new capabilities to fuel growth, we enhance our stakeholder value.”

Let's dig into the charts!

Nextplay Technologies Inc daily Elliottwave view

Next play Daily chart since the low in March 2020 shows the bigger picture at play. The stock is favored to have rallied in 5 waves higher into Red I. After that, Red II has played out as a flat structure that struck a low in September 2021. It is favored of the September 2021 lows that this stock will do another 5 waves higher, into a nest for ((1)) and ((2)). In order for this count to remain intact, the September 2021 lows must remain intact.

Nextplay Technologies Inc 1H Elliottwave view

Next play Shorter cycles since September 20, 2021 lows. It is favored that this stock has advanced from a September 2021 low of 1.26 to a peak of 3.68 set on Oct 15/2021 in a 5 waves structure. After that peak, prices are now pulling back to correct that cycle. The price action today suggests that a connector in X is set, and now the stock will be heading lower to the blue box. The next area where buyers may enter for a bounce is the 1.80 to 1.26 area.

In order for this count to remain intact, the 1.26 low must not get violated. After that (2) is set, the next area above after (2) is complete for a target, is the 4.22 to 5.71 area.

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold holds above $5,000 as bears seem hesitant amid Fed rate cut bets

Gold edges lower at the start of a new week, though it defends the $5,000 psychological mark through the Asian session. The underlying bullish sentiment is seen acting as a headwind for the bullion. However, bets for more rate cuts by the Fed, bolstered by Friday's softer US CPI, keep the US Dollar bulls on the defensive and continue to support the non-yielding yellow metal as the focus now shifts to FOMC Minutes on Wednesday.

Week ahead: Data blitz, Fed Minutes and RBNZ decision in the spotlight

The US jobs report for January, which was delayed slightly, didn’t do the dovish Fed bets any favours, as expectations of a soft print did not materialize, confounding the raft of weak job indicators seen in the prior week.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.