DMC Weekly Listing Numbers 2016, page-87

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herm

735 Posts.

31/01/16

07:55

Post #: 16906192
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Originally posted by pilsner ↑

Hey Tricky, no opinion of the FA or emotion of the story from me as I am just here to watch daily price action and trade the chart as best as I can.

Appols a bit long winded, not trying to get ahead of things but trying to cover all possible questions or angles you or others may have in the following written explanation over say next 3-4mths in timeframe.
Can update again when/if below scenarios have concluded.

General observations from the Hrly chart if you are trading or trying to trade it IMHO:
(Hardcore CL8 longterm INVESTORS........ nothing to read here)

The upside target from the Oct-Nov previous leg up was 3.1c. (in my eyes) So target was reached on the recent push up in the first week of Jan. (nice move if you took advantage)
From that Jan high confirmation the retrace target is then calculated and as it happens it finished on fri within the general area where I would now expect to see the next low on the chart form. An intraday spike low of 1.9c or even 1.8c in the coming days is still a possibility in this zone and shouldn't be discounted IMHO.
Potential bullish divergence from Fridays intra low bottom is already setting up on the Hrly RSI and IF that pattern stays intact then we should get to see a reversal fully confirmed sometime in the coming days/2-3weeks.

So if above reversal plays out from around this level upside targets in the SHORT TERM are a retest of 2.5c then possibly 2.8c then possibly 3.0c. I would expect to see subsequent higher lows formed off those higher highs around 2.1, then possibly 2.2 then possibly 2.4c respectively. Most important point here thou is that cl8 reconfirms support once more with a weekly close on 2.4c-25c

IF above recovery scenario can happen in conjunction with respecting the current trend channels and if the general Market conditions remain favourable in the same timeframe then I conservatively expect 2.4c support to be fully confirmed by approx. march, if so then on any next anticipated news event , 3.8c -4.0c projects as my next upside target for approx. May.

CONVERSELY
If It fails this current retrace level with a DAILY CLOSE BELOW 1.9c (IMHO) it would potentially signal an initial retest of recent low double bottom at 1.7 or then potentially lower.

So even after fridays apparent bearish action, CL8 may appear a little battered but is still technically intact and currently within the above parameters (to my eyes) and until proven otherwise
I can post a chart later on for a visual of above if you want one. just let me know.

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@pilsner I'd be very interested in seeing the chart if you wouldn't mind...always good seeing a visual . Thanks in advance

Gltah

CL8 Price at posting: 2.0¢ Sentiment: Buy Disclosure: Held
1 Upvote

0 Great analysis

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DMC Weekly Listing Numbers 2016, page-87

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DMC Weekly Listing Numbers 2016, page-87

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