@hardihood, it's not my theory bud, it's an industry-wide pattern that has been used for decades.
@hillsman, interesting that I have exactly the same support zone as you which is a confluence level of 50% ATR and extensions from the head and shoulders, however, any breakdown of $9 I would consider a failure of the setup.
@JF2013 indeed a head and shoulders pattern and we have dropped ~40% since breaking the neckline of the head and shoulders thus confirming the pattern, the selloff will eventually exhaust itself. Most of the time, it will extend 100% of the neckline range once confirming the pattern, in this case, that would land us at around $5.70. However, the fact that we're forming a double bottom at an important natural level and 61.8% of the neckline extension could indicate a reversal and change in sentiment.
This is my subjective interpretation of the situation. Take from it what you want.
Cheers
![]()
BAL - Chart, page-622
-
- There are more pages in this discussion • 953 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add BAL (ASX) to my watchlist
Currently unlisted public company.
The Watchlist
1CG
ONE CLICK GROUP LIMITED
Mark Waller, MD
Mark Waller
MD
Previous Video
Next Video
SPONSORED BY The Market Online