DRE 4.35% 2.2¢ dreadnought resources ltd

Ann: Initial High-Grade, Independent Resource Over 3kms at Yin, page-146

  1. 3,244 Posts.
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    I just looked at the chart, and identified important patterns. I think they are valid and we should consider the possibility.

    https://hotcopper.com.au/data/attachments/4936/4936887-489b1ce2346421bc02596897e52a6e3f.jpg

    In the above weekly chart, you can see three segments of the uptrend. I noticed that each segment, except for the last part (the segment we are in right now), retracted to the 0.618 Fibonacci level. This is a three-year period, and considering the length of the period, I think these points are very valid. The 0.618 Fibonacci level for the segment we are in now is $0.079, and it is a real possibility that in the next few weeks, the share price actually may retract to this level before it continues its upward trajectory.

    https://hotcopper.com.au/data/attachments/4936/4936892-c99c37e0b5d4685719c386890da584d3.jpg

    In the above weekly chart, you can see each segment of the uptrend, and again except for the last part, rose to a level between 1.0 and 1.618, or higher.

    https://hotcopper.com.au/data/attachments/4936/4936897-c79655c92f61e9a3c8d4177b96c44805.jpg

    If that becomes the case for the current segment of the uptrend, then there is a real possibility that the share price may rise to somewhere between $0.20 and $0.28 in the near future.

    Do not forget the possible retracement to $0.079 before this takes place.

    Cheers.
 
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