General Discussion Topics, page-72470

I am not a pro chartist, by any means, kind of a jack of all trades.

But I do think I understand what is happening in the chart at the moment.

The cup is developing another handle.

The cup had not been fully formed previously, for its last leg up, which it did a few days later.
The top of the cup, (RH lip), was a little lop sided.
( I charted this previously 10/09/2022)

So, we tested ATH's, at which point fully formed the cup, and the recent volatility is forming the NEW HANDLE.



Previous chart 10/09/2022-

New cup and handle 16/9/2022-

Beautiful set up.

This is NOT about what we see, its about what these insto analysts see.

And this interpretation is what initiates their BUY signal and their valuation range.
For the insto technical analysts, they see this NOW as a properly formed cup, a bullish indicator , and the handle now forming in sideways accumulation.
The recent volatility has closed any gaps that were formed in our last run up from the close of the 9th until the opening on the 12th.
Again, we don't care about gaps, BUT THEY DO!
It was debatable, however there seemed to be a gap 32.5-33.5, which has now closed.

The CPI volatility, has taken the heat out of the SP, and has initiated the making of the new handle.

There is also an argument, that this new handle would have formed anyway, even without the US CPI BS.
Bouncing off ATH's is very normal, and an organic way to grow the SP.
The CPI figure jitters may have just accelerated this happening.
Better to let it take a breather and let it build a solid support base for the next leg up... .

A leg up that MAY BE INITIATED by a combination of passive ASX200 Fundies buying in, and a long awaited and needed announcement by the company.


Investopedia example-

So, taking into consideration our chart with the new handle, and an example above of what seems to be playing out,
we will probable see a manipulated range between 30-36 for a few trading sessions, before we see another attempt at our all time high.

This of course can be affected by further macro influences and most definitely by the company dropping a bombshell of an announcement........like where the remainder of 113kt of SC6 is going???

STILL VERY, VERY UNUSUAL THAT NOTHING HAS BEEN ANNOUNCED ON THIS FRONT SO CLOSE TO PRODUCTION.
Gut feeling is that something BIG will drop in respect to that, within the next few weeks.

Lots of catalysts to look forward to.
The year is nearly gone and I still cant believe we are already on the cusp of September school holidays.....where has the year gone!!!

Sayona have progressed fundamentally well to this point, and before we know it the kids will be back to school,
and we will be into October...Q4....THE FINAL QUARTER......and akin to our own AFL, thats when all hell will break loose!

Good luck everyone...