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39.5¢ structural monitoring systems plc

Technical charting, page-370

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Patong1

4,223 Posts.

654

02/04/20

19:16

Post #: 43848287
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Originally posted by JUSTBOB: ↑

Do you know what a triangle formation looks like?

I am not expecting the share price to be anywhere near 78 or 23.5 cents.

It is likely each move would look something like being 61.8% of the previous move. That would tend to for a triangle.

In this case draw a trendline from the $1.12 top through the $0.78 top. That should give you the maximum expectation on the high side of the triangle. The bottom line of the triangle has not necessarily been finalised but in the short term draw a line from $0.235 through today's low of $0.39 & see if that line holds. I tend to believe that the bottom trendline is too steep & that a lower line will eventually be set.

This is only an indication of what you could reasonably expect to occur. As markets move you can re-assess your expectations if necessary.

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Why wouldn't you use the swing high 30/1/20 @ 95 for the top of your triangle line as that was the last significant swing before the fall to begin your TL? Or begin at 1.12 connect .95 and not use 78 as its an outlier and doesn't show the trend as well?

SMN Price at posting: 47.5¢ Sentiment: Hold Disclosure: Held
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(20min delay)
Last 39.5¢		Change -0.010(2.47%)		Mkt cap ! $54.03M

Open	High	Low	Value	Volume
40.5¢	41.5¢	39.5¢	$23.32K	57.39K

Buyers (Bids)

No.	Vol.	Price($)
1	35654	39.5¢

Sellers (Offers)

Price($)	Vol.	No.
40.0¢	4367	1

View Market Depth

No.	Vol.	Price($)
1	35654	0.395
2	6560	0.390
2	4500	0.385
1	25000	0.380
2	31000	0.375

Price($)	Vol.	No.
0.400	4367	1
0.415	52156	1
0.420	7356	3
0.430	13500	1
0.445	1391	1

Last trade - 16.10pm 24/06/2024 (20 minute delay)

SMN (ASX) Chart