What a great afternoon. That is exceptional, and happy to be...

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Zior

1,390 Posts.

10524

17/08/22

17:11

Post #: 63172180
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Originally posted by Zior: ↑

Time plays its own games. In my analysis I rarely include time lines for moves because it is my opinion they are almost always impossible to forecast. So I guess in the answer to your question, I personally want to see it take the least amount of time possible, but that doesn't really help.

I have found it can be easy to forget where we have come. A year long range of 4c. We added about 150% of that on top in the space of just 4 weeks. And of course that is justified, however technically it needs to cool off between announcements. The last thing we want to see (unless one is looking for an exit) is a massive spike up followed by a massive retrace, leaving behind it resistance levels that can take significant strength to break through. Much preferable for the long term investor (and one should always remember that my analysis is from that perspective) is for steady consistent increase with healthy retracements on the way to validate support below us. This has a much better chance at keeping share value on the way up and riding out external bear events unrelated to Dreadnought specific.

As for our current chart, I am happy too see where we close on the weekly(that is Friday afternoon close). While we may have closed under 0.091 yesterday and today / tomorrow, the weekly chart carried more weight and so a close Friday afternoon at 0.091 or higher will be a positive indication of strength keeping us above our D1 fib target. This is potentially enough to give us another crack at 10c next week. Even though I believe we will need ongoing assays to break it, every attempt weakens that major level and adds strength to the argument for a high price.

Looking below, our validated support levels are at 0.080 and 0.062. There is also an additional high probability resistance zone between 0.074-0.076 that will need confirmation should we get to there.

From a technical analysis view, that would be the ideal place to turn around and use as support. This is because a down move will take the (current) D2 target at 0.135 off the table and leave us with nothing to aim for. A turn at 0.074-0.076 however will confirm a new fib trade in play and give us a new D1 target of 0.125, which imo is a more reasonable run from that psychological 10c level. Irrespective of where we dip down to in the event we retrace lower, that will provide more data to use moving forward. At present we sit too far behind that event to do anything more than make educated guesses.

When will that happen? That's an important question for those here for the short term, but as investors IF you want to follow the share price and not just the fundamentals, it is better to look at milestones in the form of technical boxes being ticked rather than when they get ticked. Time plays it's own games

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What a great afternoon. That is exceptional, and happy to be proven wrong on needing more assays to break 10c. This is a rare thing to see 10c fall so easily.
Having bounced off support (even though it was bounced slightly lower) we have broken through the psychological barrier and confirmed a stretch for the D2 target. We should now be on the way 0.135. Fantastic outcome. Will be an interesting next couple of sessions.

DRE Price at posting: 10.5¢ Sentiment: Buy Disclosure: Held
53 Upvote

5 Great analysis

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