Charting, page-4

Hi Sunburn, congrats on your first post on HC! Newcomer here or just been silent observer over the years?

Unfortunately things don't look optimistic. The three trend lines I mentioned were close to meeting like I said 10 days ago but things never materialised. Now they are drifting apart again (blue arrow).

You'd want the 4-day EMA (green, short timeframe) to cross and escape upwards from 9-day EMA (yellow, medium timeframe) and also 18-day EMA (red, long timeframe) for a strong buy signal but the day never came.

Market was ready for news 10 days ago when the lines converged but no big news big came, with only the gravity survey released which wasn't the big banger many wished for. That they are having problems getting a RC rig quickly to drill this, and the bizarre decision to use their available diamond rig to drill D13 and 15 instead of this gravity hotspot, with the hotspot supposedly the PRIMARY SOURCE of all the nickel discovered in drills to date, led to holders starting to sell again.

MACD histogram (red arrow) extended its red range again to start another red cycle, showing we're in for another pretty sad week or two ahead.

It's good validation if you can see the weekly chart mirroring the daily chart and in this case it's true (green arrow, second graph). MACD entered red and won't rebound until amazing fundamental news drives it up, just like how it did twice since December last year.

Unfortunately without news this sentiment will continue, and hopefully prices will reach a floor sooner rather than later. I don't think assays over the coming weeks can reverse the trend. If they could then their visuals announced weeks ago should have already done it but it didn't.

Only big news can do now. No news or non-significant news will only help drift the prices lower. The only significant news I can think of is the next RC drill they can arrange to tap into the gravity hotspot, revealing a pot of Nickel in it. When that will happen is anyone's guess (I'm guessing it will be another two weeks before they even start).

We're already halfway filling the gap between peak of 20c to pre-explosion 6c. Charts say we may float downwards more still but many here will say we're at absolute bottom now and is the best chance to buy in (my emotional side says this too).

Not recommending any action to you. I'll let you decide based on my limited explanation!

Best of luck.


Daily Chart


Weekly Chart