Smartdude, I agree with you, charts are not tarot cards, they do not foretell the future... they are a map of where we have been, where we are, and signpost where we might go. Often with decimal point precision.
Look at the SPX in the US overnight: Dropped to the 150 day simple moving average to within 0.02 points...and rose to resistance at 1080. Charts didn't say it HAD to do it, but those levels were there as possible/probable targets.
In the last 8 days, I have used my BHP charts to scalp $1, $1.60, and 85 cent trades ---the prospect of holding till March for a 50 cent dividend is nothing compared to those highly profitable trades. "news" about BHP profit results, iron ore negotiations, copper output, price-earnings ratio etc etc etc never came into my thinking.
JBCASCADE, $3.05 is $3.30 neckline to $3.55 head = 25 cents. Deduct 25 cents from neckline =target $3.05.
chartists, page-6
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Last
$3.89 |
Change
0.040(1.04%) |
Mkt cap ! $44.94B | |||
| Open | High | Low | Value | Volume |
| $3.86 | $3.89 | $3.86 | $49.43M | 12.74M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 25565 | $3.88 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.89 | 580982 | 45 |
View Market Depth
| Last trade - 16.10pm 29/07/2024 (20 minute delay) ? |
| TLS (ASX) Chart |