NGJ25

• NGJ25's retracement to 50% Fibonacci at 3.701: The price has pulled back to the 50% Fib level, following the breach and close below 3.984 last week

• Sharp rally from the low: A strong bounce off the 3.701 level confirms solid support at this key retracement point

• Stochastic momentum oversold but turning: The Stochastic oscillator has been in oversold territory, but momentum is showing signs of turning

• Bullish engulfing candle: The current formation of a bullish engulfing candle is significant, suggesting that the recent downside momentum is being absorbed and possibly reversed

Support likely to hold on dips: Given the recent price action, NGJ25 should find support on any pullbacks, particularly as it recovers from oversold conditions and the technical setup points to a higher probability of a short-term recovery