Keep your sights on NAPCO Security $NSSC – May 16, 2024
This is Scott at StockMarketMentor.com and your Chart of the Day. I want you to keep your sites on Napco Security Technologies ( NASDAQ: NSSC ).
This is one of the stocks that I’m watching this week, as it is actually holding up really well in this tape. You can see over the past couple of months here NSCC ( NASDAQ: NSSC ) has hit this clear level of resistance right around 46.40. It hasn’t been able to get above 46.40 even though if I zoom out, you can see that it is an all-time high.
It’s been in a long drawn out multi-decade uptrend here, and so far unable to get above and make a new high, but it’s right underneath. Here’s what I like about this chart, specifically today. We had a nice up-move in the market yesterday and NSCC ( NASDAQ: NSSC ) participated in that move and did it on good volume.
Then today it had a bit of a pullback, but look how small the volume is on the pullback. That tells me that the sellers of this stock are not very aggressive, and the buyers are probably still in control. So I actually think that this pullback on NSCC ( NASDAQ: NSSC ) could be a bit of a starter buy opportunity with an add spot right above this resistance right at 46.40.
So if NSCC ( NASDAQ: NSSC ), at some point, can get above and stay above that level and do it on volume. I definitely think that could be an actionable idea if you are looking to trade this stock. It doesn’t trade a ton of shares, I typically like to trade stocks that trade a million shares.
But I do like the fact that this went up on high volume, higher than average volume, and then pulled back today and did it on way less than average volume. The stock is in a nice uptrend, it looks like it has some positive past earning results, and it even pays a bit of a dividend.
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