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Not sure sentiment has much to do with so at the moment.Big...

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nevchev

4,373 Posts.

1316

16/09/18

09:48

Post #: 35627900
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Originally posted by Jmax88 ↑

@hardihood, it's not my theory bud, it's an industry-wide pattern that has been used for decades.

@hillsman, interesting that I have exactly the same support zone as you which is a confluence level of 50% ATR and extensions from the head and shoulders, however, any breakdown of $9 I would consider a failure of the setup.

@JF2013 indeed a head and shoulders pattern and we have dropped ~40% since breaking the neckline of the head and shoulders thus confirming the pattern, the selloff will eventually exhaust itself. Most of the time, it will extend 100% of the neckline range once confirming the pattern, in this case, that would land us at around $5.70. However, the fact that we're forming a double bottom at an important natural level and 61.8% of the neckline extension could indicate a reversal and change in sentiment.

This is my subjective interpretation of the situation. Take from it what you want.

Cheers

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Not sure sentiment has much to do with so at the moment.Big money dragging this down and will do untill they've had their full or ASIC grow a pair and act in the interest of holders.Dispicable really,they are the UN of the Australian investment industry!!

BAL Price at posting: $9.52 Sentiment: None Disclosure: Not Held
2 Upvote

0 Great analysis

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