I highlighted short-sale, NTRS in TeleChart (Gold and Platinum) with my Worden Note of April 28 in which I wrote, “Heavy selling pressure appears to be taking hold in NTRS and I believe the stock presents an excellent short-sale opportunity at current levels.”
NTRS recovered from its November lows to make it briefly back above its 200-day moving in March and April. The stock, however, has continued to deteriorate and is now likely on the cusp of entering into a significant leg down from here.
My Volume-weighted MACD has been negative for several weeks and therefore the price bars are color-coded red.
TSV remains below its moving average and both indicator lines remain convincingly below the zero-line. Just as the MACD has stayed negative, this TSV selling pressure has persisted over the same period of time.
Finally, my Worden Stochastic in the bottom indicator pane moved sharply down from overbought to oversold, where it has remained for weeks.
The behavior of all of these indicators, including price itself is similar to what we saw in September of last year.
I see possible temporary support on a test of the early March low, but I anticipate NTRS will ultimately decline into the mid to low 30s to test the November low.