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Nine Energy Services ($NINE) Extension Higher Favoured – Forex Market Analysis – ForexCycle.com

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The last time I covered Nine Energy Services was back in Apri 2022.  At the time, the stock was looking like more upside was favoured.  Before we get into the charts, lets get a refresher on this company:

“Nine Energy Service, is a nimble completions company with experience in major North American basins and abroad, and a deep commitment to serving clients with smarter, customized answers and world-class resources. Nine is dedicated to qualifying what you want to accomplish, and then developing solutions that fit your project, your budget, and your goals. We believe in being a partner to our client, thinking outside the box and accomplishing what others cannot.

Nine is a leading completion services provider that targets unconventional oil and gas resource development across all North American basins and abroad. Nine brings years of experience into play with a new breed of a company dedicated to helping our clients reach their goals in the most efficient and cost-effective way.”

Lets take a look at the chart from April:

Nine Energy Services April 2022:

At the time, it did look like the bottom was set, however, in the “middle area” it is important to wait for confirmation.  Sometimes, the market was to do a double correction, which in this case, took place.  The stock prices did invalid that Red II low, lets take a look at the current idea.

Nine Energy Services June 2022:

Medium term term view from the low set Dec 28/2021 @ $0.80.  Nine is a technically clean chart off that low.  Initially, the stock formed a nest in ((1)) ((2)) and blue (1) (2) off that low.  After that, Nine broke out into a wave 3 of 3 advance.  This took the stock from a low of $1.04 at (2), to a peak of $8.17 at the ((5)) of Red I high.  After that, a sharp pullback has taken place while profit taking has occurred.  Red II is favoured to have struck a low at 2.35 on April 27/2022.  From there, a a choppy advance in ((1)) is favoured to be underway with a few swings left to play out.  As long as the recent low at Red II remains intact, the next leg higher is favoured to be underway.

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