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thanks...wish I was better at charts

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Flectional

4,252 Posts.

8260

31/01/20

08:50

Post #: 42660974
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Originally posted by Greynomad73: ↑

I posted the following yesterday (slightly edited below) but must have forgotten to append the chart - here it is. Price ultimately stopped at $1.71 so my calculation was a few cents out but it is only meant to be a guide - so near enough in charting terms. Hope it holds above this for those still onboard.

Based on the recent price action my best estimate of a bottom is $1.77 - so it is pretty much there.How's it arrived at (in case anyone thinks its done with hindsight)? Price made what is best described as what some might call a very rough inverted cup and handle pattern (marked in red) where there were two rises and falls back to $2.36 resistance. The latter 'inverted cup' had a high of $2.95 - meaning it fell back 59 cents. Take 59 cents away from the resistance level ($2.36 red dashed line) and you have $1.77 (The green target line is $1.75 due to how the extension points have been placed on the chart).

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thanks...wish I was better at charts

NEA Price at posting: $1.71 Sentiment: Hold Disclosure: Held
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