NM has hit the first target of 4.30 for a 13.2% gain from entry. Although I have my concerns about a pending pullback in the broad markets, this chart still looks constructive at this time. Remember, I have been setting the prices targets below the expected reversal areas as to help assure a fill so NM could easily push a little higher to the resistance level shown on the chart (4.40ish area). Given the short-term extended nature of the stock, I’d say the odds favor a pullback soon but if NM can clearly take out that resistance level, it will have entered a very thin zone (as shown on the volume at price histogram) which could bring the stock to the 2nd and final target rather quickly. For those wishing to hold any or all of their position, a suggested stop level is hard to advise as the next decent support level is all the way down around the 4.00 area. I will keep this trade as active for now but might decide to close it early depending on how things look next week.
