CTM 1.69% 30.0¢ centaurus metals limited

CTM chart, page-15

  1. YLJ
    819 Posts.
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    I respect that analysis and thank your for pointing that out.
    You could well be right, though I will explain my take
    and why my analysis tends to bullish:

    If I have a large Rectangle and a channel providing overheard resistance (or
    otherwise conflicting), I will always go with the Rectangle, though I would see
    more of a chance of a retest (and a good technical explanation for the last few
    days of trading, but I think, in this case, the Sep 2016 high is a more likely factor.)

    As with most "diagonal" vs "horizontal" patterns, Channels are far less reliable than
    Rectangles. This I learned fromPeter Brandt (He has the last word on classical
    charting by me). I have found it to be accurate in my experience. I almost never
    trade channel breakouts on their own anymore, unless I have a more reliable
    pattern taking place simultaneously (even if on a smaller time-frame) I will
    however take consideration of them for profit-taking.

    This is especially true for channels that are less perfectly defined. The 4.5+ year
    Rectangle is much more obvious (to me at least) than that channel which took
    me a few seconds to identify on my chart even after seeing yours. It is also longer
    in duration. It is the patterns I do not have to look too hard to find that have born
    the best results for me historically.

    The first weekly close we just had above 0.27 outside the Rectangle is significant
    IMO (Though one above the Sep 2016 high would be better). A monthly close
    which is possible within the next few days would add strength to this case as well.

    The attractiveness here is the extremely high risk/reward ratio. Over 1:5 based
    on where my stop would go. I never really try to make predictions, just execute
    trades based probabilities with the knowledge that I will likely be wrong on any
    given trade.

    I have not taken a position here, and despite my comments above about
    market cap, I am watching it. If the price consolidates
    a little here and perhaps even develops a smaller pattern on the daily
    and begins another leg up, I will probably take a shot. We will also be watching
    volume quite closely as it has not been ideal.

    All the best
    Last edited by YLJ: 27/05/20
 
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Last
30.0¢
Change
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Mkt cap ! $148.4M
Open High Low Value Volume
29.0¢ 30.0¢ 28.5¢ $331.8K 1.123M

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Sellers (Offers)

Price($) Vol. No.
31.0¢ 8270 2
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Last trade - 16.10pm 29/03/2024 (20 minute delay) ?
Last
28.5¢
  Change
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Open High Low Volume
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Last updated 15.59pm 29/03/2024 ?
CTM (ASX) Chart
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