Novo Nordisk (NVO) reacted higher from support area

Novo Nordisk A/S (NVO), a healthcare company engages in the research, development, manufacture & marketing of the pharmaceutical products worldwide. It operates in two segments, Diabetes & Obesity care & Biopharm. It is based in Denmark, comes under Healthcare – Biotechnology sector & trades as “NVO” ticker at NYSE.

As mentioned in the previous article, it favors higher in V of (I) of ((III)) & expected to find support from the blue box area to resume higher as impulse. It reacted from the blue box area as expected & can see further upside in (3) of ((3)) of V. Any buyers from the blue box area, are now having risk free position.

NVO – Elliott Wave view from 5.29.2023

It placed wave ((II)) at $30.89 low in 2016 & resume higher in (I) of ((III)). It placed wave I at $58.37 high & II at $41.23 low as 0.618 Fibonacci retracement. Above there, it extended higher in third wave extension, which ended as III at $122.16 high & IV at $95.02 low. Currently, it favors higher in ((3)) of V of (I) & expect short term upside to continue.

NVO – Elliott Wave latest daily view

In wave V, it placed ((1)) at $172.97 high, in which, it placed (1) at $144.78 high, (2) at 131.17 low, (3) at 171.70 high, (4) at 163.73 low & (5) as ((1)) at 172.97 high. It was expected to find support between the blue box in $158.05 – $149.16 in which it ended ((2)) at $151.12 low. Above ((2)) low, it breaks above ((1)) high, calling for further upside in ((3)) of V. It placed (1) at $166.54 high & (2) at 155.91 low. Currently, it favors higher in 5 of (3) before correcting in (4) of ((3)). It expects to remain supported in next 3, 7 or 11 swings pullback to see more upside. Alternatively, if it erases the momentum divergence in weekly, then it will be the part of III sequence in (I).

NVO – Elliott Wave latest weekly view