Just to go a little further re how useful is the chart I will...

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BagsOBucks

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21/08/23

11:24

Post #: 69452255
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Originally posted by BagsOBucks: ↑

Agree the chart was useful despite the neighsayers ...
Seemed to clearly be entering resistance on the boom past 60 so it was a sell there for me as per chart posted at the time...

Had a few plays from the huge drop on and the initial bounce off 21.5 was good but then it drifted lower with weaker and weaker bounces so I sold out the last time as 20 could not be breached as I am a strong believer that 'if they can't go higher when they should (strong buyers and few sellers in the MD at the time) they usually go lower' and see that happened here as per the updated chart...

Back to the 16.5 low on the open and dipped to 15 so did take a few on that dip and see it's back past the open to 17 but assume will struggle to do much from here given the news...

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Just to go a little further re how useful is the chart I will hold this based SOLELY on the possibility of a 10/30 Day M/A X....

All that is required is that it GO NO LOWER than the old 16.5 low and the 10 day line will flatten and the 30 day line comes down to meet it and where SOMETHING will happen to the SP...
Usually there is a spike from those who follow this basic pattern and often it seems to be where news arrives which either makes the spike MUCH bigger or it collapses the SP and the lines pull apart again...
Have done MANY hundreds of trades off this simple chart pattern over the years so let's see how (if) it goes here in a couple weeks time...

IXC Price at posting: 17.0¢ Sentiment: None Disclosure: Held
1 Upvote

0 Great analysis

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