Yes adamp,
I was watching this one as we were definitely at a (descending triangle) breakout point and whilst I hoped it would break to the upside (due to the Chinese return to the nickel market later this week) I recognised that there was a good chance it would break to the downside.
I estimated a drop to 72c based on the widest part of the triangle during the move up...and of course it got to 73...unfortuately, no good for me as I thought it would retrace back down.
In the end, it got back to 79c before closing at 78c. So where from here for the rest of the week...might drop a bit over the next couple of days but I don't believe it will get back to 73c and with the chinese returning to the Ni market late this week, we may see a return to the support level of 79c very quickly...guess I will have keep watching!!!
I wasn't entirely sure which way it would go
- Forums
- ASX - By Stock
- SMY
- is a technical buy
SMY
sally malay mining limited
is a technical buy, page-17
-
- There are more pages in this discussion • 3 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)