Checking out the Technical of NMR from the higher time frame which is the Weekly, the price on a macro scale is very bearish. As this macrostructure tells us that it’s ideal to go with the sells, but obviously as it’s weekly, on LTF the corrections do occur, which are bullish in this case, so one can capitalize on them. Now the price which is at a very important level, or can say, stop hunted a level. The previous all-time low which was at $21.39 got wicked and stop hunted by the price three weeks ago. This has induced a lot of fuel and buying pressure, as traders were waiting for the same level to get in, but most of them might have been taken out because the wick went to $18.58 which probably has grabbed much liquidity. So this has induced fuel within the markets.

Jumping to the Daily Time Frame, it can be observed that price has shifted structure to the upside quite momentously. Moreover, it’s quite clear that price has wicked upside several times, which has induced retail resistance there. The price has tested that resistance again and again which is making that level weak while at the same time, more and more sellers are getting interested in that level, so it’s very likely that price might again test that and does a fake-out and continue its direction depending on where the other confluences are. That fake out will provide the price necessary fuel in the form of liquidity which may induce buyers into that.

Jumping to the last time frame which is the 8 hours, not the 4 hours, because the price action of NMR on Lower Time Frame, is very much messy. Looking at 8 Hour shows that the institutional order flow at his Time Frame is very likely to the upside. The price has mitigated the Breaker Blocks consecutive times which is making the below price action efficient. Talking about the invalidation, the level of $26 is a reasonable one, because if the price violates that, the Breaker Block would fail, which would make the above Supply in control. Moreover, the bullish momentum from the Breaker Block is quite strong, so very likely that it will push it to the upside. Talking about the target, the level of $33 serves as a target point because the price might once more act from that trend line and bounce a little bit below depending on the bullish momentum