Jabba, or I really liked JDPs Jabranomics and even funnier to me...

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bellmatic

151 Posts.

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22/03/24

15:00

Post #: 73015540
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Originally posted by KingBuzzo: ↑

Jabba, we all agreed not to feed you yesterday, but I'm intrigued and going to ask you a couple of serious questions on your analysis.

Prior to the recent moves in RAC you identified $1.30 area as a key target area due to back-testing an uptrend line that you had drawn which you obviously placed a lot of significance on. Indeed you quoted it as a possible price target (although that was along with several other possible prices that you threw around) at least 6 times:

Whilst I might not agree with how exactly you reached $1.30 as a significant target, I agree with you that the area was a very significant area of resistance to be broken as it was the breakout region of a more than 2 year down-trend that started back in December 2021. I therefore expect there is a good chance that this area could now act as a significant support region following the breakout and subsequent pullback.

Given most TA and chartists seems to work with the concepts of support and resistance, and prior resistance becoming support, and vice versa, could you please explain to me:
1) Why has the $1.30 line and target which was so prominent before (i.e. prior to the recent price action) now been removed from your chart?
2) If a price target was identified originally as area of resistance, following a breakout of that area, wouldn't such an area then be a potential support and back-test area on the subsequent pullback.
3) Given you were expecting resistance at $1.30 to be so strong that price would not break through it, why do you not expect the $1.30 area to act as a strong support on the pullback now?

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Jabba, or I really liked JDPs Jabranomics and even funnier to me was Hunterrs Jarrod Lol.
I’ve been informed they get paid per reply/like? Not really sure and I don’t care enough to substantiate the claim but the fact remains they’re just here to wind up posters, of course they didn’t like it when IXC collapsed and they had a go back at the posters telling them they got it terribly wrong. Funny how it changes when the shoes on the other foot.

If they happen to read this, JDP has a far more accurate track record than you, and will continue to do so. RAC is looking the absolute goods at the moment and is primed for a next leg up. However as JDP did comment it’s extremely important RAC delivers cGMP RC220 announcement we are expecting. Although there’s are always factors outside the companies control it’s critical for sentiment this is delivered on time. I’m betting it will be. Watch this space.

RAC Price at posting: $1.37 Sentiment: Buy Disclosure: Held
7 Upvote

0 Great analysis

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