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As a complete novice when it comes to reading/comprehending...

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DejaBrew

34 Posts.

14

03/05/22

16:23

Post #: 61177317
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Originally posted by andres: ↑

Hi Recruiter - interestingly, charts actually do take into consideration all those issues you mention. A crap stock market will reflect in the various indices and general sentiment effects buying and therefore stock prices and therefore charts. You could argue that a lot of "macro sentiment" is already built in - and that is partially reflected in the share price. If we do see a macro melt, then the chart will tend to gravitate to certain price points - as is the reverse. So they act like magnets between support and resistance areas. So in a sense they are predictive in that likely pivots are set up (probability wise) - even though the macro environment may not be predictive.

All charts do is plot price, volume, time and range and these form natural patterns which we then apply indicators to. Indicators are basically just different ways of looking at these core measures. Some of these are mathematical - like moving averages, and others are visually identified. For example, head and shoulders are mainly visually identified but have a mathematical probability of continuation/extension.

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As a complete novice when it comes to reading/comprehending these sorts of charts, just wanted to say that I really appreciated your explanation.

IHL Price at posting: 38.0¢ Sentiment: Buy Disclosure: Held
4 Upvote

0 Great analysis

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