Let's keep charting material to this thread, and FUNDAMENTALISTS PLEASE KEEP THIS THREAD CIVIL.
May seem like witchcraft to some but useful to others, especially for when timing your entry and exit.
Keep in mind this only helps with probabilities, not absolutes. Charts ain't gonna conjure up 10% nickel over 100m..
Been seeing some good signals on a few technical indicators lately. Interestingly GAL is also entering the same phase, as is CHN although their chart trends are lagging a few days behind LEG and GAL.
The previous three significant breaks (black arrows) that went above and beyond the Keltner Channel (three grey lines) had a few things in common. Note these don't equate an imminent break, but just a higher probability that it may come.
- 4 (green) EMA converges with 9 (yellow) EMA from below, and both 4 & 9 converging towards 18 (red) EMA (or already converged) from below.
- Trend prior to break reaches at the mid to low line of Keltner Channel
- MACD (blue) line overtakes or just about to overtake the signal (red) line
- MACD histogram approaches neutral, where the red negative phase is nearing its end, signalling a flip to buying trend again.
We seem to be hitting most of these boxes now (green arrows), may need another couple of trading days to reach full convergence for the EMA lines and MACD lines. Methinks news will come late next week or week after.
All this is probably saying the market has done all the selling/buying it needs in response to all news given to date, and are all sitting pretty and ready for the next fundamental news to push it either up or down.
There has been one occasion where the indicators were all lined up but prices went south (red arrow). This was the hit from the coronavirus market meltdown. So Fundamentals and global forces are still the master influencer, so bring on the news like gravity survey, new targets and drilling campaign.
(20min delay)