NXT-ID (NASDAQ: NXTD) going viral following the success at the Consumers Electronics Show (CES). Up as high as 28% today and closed up 23% from the open on day two of our coverage. Oh boy, shorts love one day increases like that so, expect a shakeout during day three or four. Ofcourse I could be wrong. The key thing is don’t let them in your head. Congrats to those that took a quick 15-25% profit and a future congrats to those who are longer than that. As mentioned in the initial report we think the potential is great both ways here.
As mentioned by the CapRock analyst and ourselves it seems that NXTD technology could be a natural progression as far as implementation in to smart phones, ipads, laptops and more.
Another potential near term catalyst is the 40k unit sales forecast for 2015 in the analyst article from seeking alpha mentioned in our initial report. The intrinsic valuation model he used calls for an $8 target if those sales are in line as forecasted. So a company update showing that to be on track could be huge.
Remember, the CES show was the product launch for the Wocket so you never know what could be in the works just from that one event. It is truly an exciting time for this company and it’s technologies. All coupled with a breakout chart to boot (as seen below).
NXTD Chart Analysis
NXTD was trading in a range for 2 months in November and December with clear resistance and support. On January 13, 2015, NXTD broke through resistance on an increase in trading volume, a key indicator when verifying a breakout move. The previous resistance then became support as NXTD developed a strong bull flag pattern. On January 21, 2015, NXTD broke out of the bull flag pattern on another strong increase in trading volume. The volume increase confirms the breakout and hints towards a momentum building move.
In addition, NXTD has popped above the 200day Moving Average, which is typically a key technical indicator when determining resistance areas and identifying a stock’s trend. There are several technical indicators in our favor as NXTD looks to be well on its way to the recently announced $4.80 near term price target issued by CapRock Research.
More to come
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