The price of NEWR has nearly doubled from its May/June lows. Prices were below the flat 50-day moving average line the past two weeks but they have rallied back above it.
Prices have been stalled the past two months and the On-Balance-Volume (OBV) has been moving sideways. If prices break out on the upside again a new high from the OBV line would be supportive to the technical outlook.
The Moving Average Convergence Divergence (MACD) oscillator has crossed to the upside from below the zero line for a cover shorts buy signal.
In this weekly bar chart of NEWR, below, we can see a strong rally above the rising 40-week moving average line. The weekly OBV line has been strong the past three years and only shows a shallow dip in recent weeks.
The weekly MACD oscillator has just turned to the downside for a take profits sell signal on this longer time frame.
In this Point and Figure chart of NEWR, below, we can see a possible upside price target of $84.18 being projected.
Bottom line: NEWR might trade sideways largely between $70 and $80 for another month or so but a push up to new highs seems to be in the charts. Traders should operate from the long side risking to $65 for now. The mid-$80's is the next upside price objective.