M4M (ASX) Charts

M4M

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2.8¢ macro metals limited

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bdee_bdee

132 Posts.

49

10/07/18

11:49

Post #: 34249212
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Originally posted by SepticBuffalo ↑

Yes SB, you can see on the below charts that the stock has stuck nicely to some trendlines and the retracement levels which indicate short profit taking periods. we are repeatedly seeing a 38.2% Fib Retracement as you can see on the messiest chart. I have then removed the Fib scale and labeled the retracement levels in black text so it is easier for the eye. Trendlines and fibonacci are some of the best technical indicators in my view as a feel for strength of a stock as it will show weather a stock is being dumped combining our analysis with volume being traded. The are alot more retracements I could draw but in showing them I would make it hard for your eye. you can also see a combination of patterns (Flag & Pennant) formed but also holding tight at the low of the historic 38.2% retracement with the odd 50% and 33.3% which are all the most used Fib numbers. So a strong historical support for this stock is 38.2% but I would not fear it dropping as low as 50% or in a rare cases a 66.6% when strongly supported. I hope the 2 charts can give you an idea of what im explaining. The blue lines are pattern lines, black are "confirmed" trendlines.
This is where alot of armature traders sell (FOMO) and then find the stock turns around in an upward direction and in some cases buy at the high again (FOMO) and could possibly sell at the low (FOMO) and in turn reduce the size of their holding. Now is the price when you should be buying/topping up as you can see it approach the strong support levels with volume increasing.
I hope I have explained it well for you

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KFE Price at posting: 15.0¢ Sentiment: Buy Disclosure: Held
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0 Great analysis

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