NextDC is involved in the development and operation of independent data centres in Australia.
“The shares are trading at fair value and the prospect of further contract wins should give the market confidence that recent investments by the business will start to pay off,” Michael said.
“The chart is also showing that the shares are now on the move.
“NXT shares started to trend lower in September 2021.
“It then moved higher at the start of this year and spent most of February and March congesting under the downtrend line before breaking higher at the start of April.
“It managed to surpass the August 2022 high before easing back again.
“The pullback from the last several days is on lower volumes.
“All this looks bullish.
“Current levels look like a buying opportunity and investors can consider an initial stop nearby at $11.
“A move back above $12 would then be an opportunity to add to the position,” Michael said.
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