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Doc, Thats terrific getting a chart with an explanation. Now,...

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BoZz

6,979 Posts.

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15/03/15

07:24

Post #: 14915350
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Originally posted by Dr.Seuss ↑

As GTG possible may follow GENE. Here is a GENE Andrews Pitchfork chart. The circles highlight the validity of the AP. Studies have shown that price reaches the median line (red) 80% of the time (furthest right circle). Here it either carries on through or finds support. We are currently seeing support.

This support ties in the the placement price. If price carries on through the ML then it heads to the bottom parallel. We know this cannot happen here as it would mean a 50c price and that appears absurd for a company that is flush with cash and growing sales (but you never know!). So support it is at the median.

If support is found at the median (red line) then price tends to head up to the upper parallel (top of green area) and once it reaches there, it more often than not continues to the upper warning parallel (top line - blue area).

So initial targets:

Target 1: $6-$7
Target 2: $8-$9

View attachment 50785

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Doc, Thats terrific getting a chart with an explanation.
Now, whats the difference between this Andrews bloke and that Wackoff bloke you've used in other examples. And, do they see eye to eye regarding GENE.

GTG Price at posting: 4.6¢ Sentiment: None Disclosure: Held
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(20min delay)
Last 4.0¢		Change 0.000(0.00%)		Mkt cap ! $5.816M

Open	High	Low	Value	Volume
4.2¢	4.2¢	4.0¢	$16	395

Buyers (Bids)

No.	Vol.	Price($)
2	50062	4.0¢

Sellers (Offers)

Price($)	Vol.	No.
4.3¢	42133	2

View Market Depth

No.	Vol.	Price($)
2	50062	0.040
4	171524	0.039
6	445749	0.038
6	91062	0.037
3	54887	0.036

Price($)	Vol.	No.
0.043	42133	2
0.045	22522	1
0.046	40000	1
0.049	2414	1
0.050	25556	2

Last trade - 15.35pm 07/10/2024 (20 minute delay)

GTG (ASX) Chart