Technical outlook – Traders or investors need to be able to immediately assess whether or not a trend exists in a market.
Two of the best and easiest ways to do that are the Average Directional Index (ADX) and the Moving Average Convergence Divergence (MACD).
The Average Directional Index (ADX) is a technical analysis indicator used by some traders to determine the strength of a trend.
The (ADX) is a unique indicator that shows the characteristics of a particular trend.
The ADX tells us when there is a trend and when there is no trend, so we know when to use a trend following strategy and when to use a range trading strategy (which at present holds to a trend strategy).
Meanwhile, the Moving Average Convergence Divergence (MACD) is a trend-following momentum indicator that shows the relationship between two moving averages of prices.
Combining these signals, we can often determine when the next trade opportunity may arise.
After assessing both patterns, it is viewed as the signals for Nanosonics Limited (NAN) share price are potentially transpiring into a bullish trend pattern.
Therefore, as we complete our analysis, we expect traders/investors will likely opt-in at current levels and attempt to generate enough momentum for this share to target the region of $7.35. Reassess from there.
Company Overview – Nanosonics Limited (NAN) is involved in the manufacturing and distribution of the trophon EPR ultrasound probe disinfector and its associated consumables and accessories.
It is also involved in research, development and commercialization of infection control and decontamination products and related technologies.
NAN is headquartered in Sydney, Australia with offices in the USA (Nanosonics Inc) and Europe