This is in response to the discussion in the 4C thread, but it's directly relevant to charting so I figure it belongs here.
By my chart, TNT possibly broke down out of the triangle on Friday. I don't see it as having been as long term as Peck indicated and the target calculations I come up with are less extreme. I don't actually expect even the target that I calculate being hit because the fundamentals are just too strong IMHO, but I come up with something around 10c. To be clear, I see that as being highly unlikely to be hit, but it's going to be interesting to see how the technicals and fundamentals play out on this one. Peck's target is below zero which obviously can't actually happen.
We should see that break down confirmed today if it's going to play out. I was planning to keep holding my remaining small amount, but if it does confirm the breakdown today I might as well sell; even if only prevents me losing a couple of k I might as well have that money in my pocket, and if it does go anywhere near 10c
Don't take my word for anything, DYOR - look up symmetrical triangle charts and consider the downward trend and recent CR issue price being below the triangle's convergence point and breakdown point. If you think I'm wrong, please explain why. 'You sold out and want it to go down' isn't relevant! I had a large holding and if anything was biased on the bull side, but not being biased I sold out before the 4C because I thought it was going to go down leading up to and after the 4C, which it did, but that's not at all relevant to what it's going to do.
My chart here is similar to Peck's, but notice the different timeframe that I see being relevant. Peck's could actually be correct (again, I feel so strange and dirty saying that). IMHO Peck's doesn't fit as well, and of course a target of below zero can't work.
However you want to spin it, there's clearly a triangle setup forming and if you have an interest in TNT and consider TA to have any value at all (if not you shouldn't be in a chart thread) you should be watching this.
TNT Price at posting:
21.5¢ Sentiment: Hold Disclosure: Held
I had a large holding and if anything was biased on the bull side, but not being biased I sold out before the 4C because I thought it was going to go down leading up to and after the 4C, which it did, but that's not at all relevant to what it's going to do.
