re the Chart forum chat today
here is Waterfrontages Chart and comments..
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I'm watching it and wouldn't mind snaffling a few when indicators suggest - except if the lower andrews/trend line fails.
Momentum is currently down and the sell side 'suggests' more down to come. Probably, given todays close on the lower andrews, it is at a critical point.
I would expect the 16c line to be largely sold into, with even a lower shadow down to 15/15.5c (I've got a support line at 15.5c as well as 61.8% fib support) but would expect a close on or above the trend support. This lower trend actual can be traced back to Feb '06.
MACD x has been a pretty good indicator 4 this one (back testing) but x down is a bit slow - exit via candle topping patterns perhaps.
Failure to hold the trend (10 or 11 hits in 12 months) on a close changes everything - 11/12c is then likely.
None of it matters given the market will do what it does but see the trend line holding as being very important. The coy does seem to have some prospect.
Would appreciate someone to critcise logic and give their chart view.
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WF
I copied your data comments and
I have taken the initiative to overlay a zero lag MACD
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PS Waterfrontage is a Tasmanian...enuff said....![]()
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