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Analysis: #NASDAQ $NOVN

Case 401 #Novan Inc.

DISCLAIMER: The analysis is strictly for educational purposes and should not be construed as an invitation to trade.

#NOVN 1/4
Chart 1
Weekly Chart: The #SMA 50 at 1.2256 continues to underpin upside probes but price needs to first close above synthetic #resistance at 1.3524 then the Sept. 2017 trendline at 2.7845 for #bullishness. Price is currently .....

NOVN 2/4
..... targeting Dec. 2018 #pivot at 0.7000 below that SMA 20 at 0.4732, then Mar. 2020 #trendline at 0.4112. A loss of 0.3888 will be disastrous as it's the last level of #support.

NOVN 3/4
Chart 2
Daily Chart: An unfilled gap at 0.9200 - 3.061 exists. Price is trading back below the SMA 200 at 1.0143 and the SMA 20 and 50 are at 0.6611 and 0.5459 respectively.

The #Strategy is printed on the image.

$NOVN 4/4
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