Hi SD,
Very good question, and I needed to give this reasonable thought.
First I do not trade HCH, so I haven't really thought about a TA target, only FA target. For investing I use roughly a 70:30 ratio FA:TA.
Where as my trading stocks I use 30:70 roughly. Just for info. That is, one has to have balance, IMO.
FA, there is a lot that can kick this along now; copper price, drill results, updated MRE, entry into the ASX300 (seriously if the SP keeps climbing), insto's, then retail
FOMO! As Superman mentioned the other day, there are limited small cap copper plays on the ASX.
Back to TA. We are on the cusp of a monthly breakout, thus bull run. Most look at the daily for trades, exit, entry, etc. Think bigger picture.
There are a few techniques to use, mainly, Elliot Waves (EW), Fib and then lastly will be MACD and RSI. I will assume you know EW, or more simply the we are in the first run. That is where our chart is now, Leg 1. I think we'll take a breather to 1.40 or maybe 1.30, then unwards to the next resistance at 1.68. It will the retrace to a floor of 1.50 ish (friday's high), then Leg 3 will start, this will be exciting as the SP will climb to 2.50ish (previous high) then retrace and then climb to 3.50 (valuation by some insto's etc). Leg 3 then complete. Leg 4 down only a little as copper price etc would have kicked in by then or maybe the uMRE. Entry to the ASX300, insto's onboard, copper and gold price booms, then the serious climb starts for Leg 5. But this could be 1-5years away. Price target, umm? I was asking 1OGF this on FA the other day......putting my old nuts on the line, obviously
minimum $5 but could go as
high as $10 to $15, and
5-6years away.
I have played with fib, with 50% success, but I have not really met one person who is a master at Fibs alone, they generally back up their calls with EW, BB, MACD, RSI etc (eg W3hunter). But the FIB will give some indication when the time comes, but personally would not post it on here. As an analyst, in the 90's we used to play with fibs, and all of agreed there are to many variables (start, ends, backs up levels, excuses), so most will use another tool to support thier reasonings.
So in summary,
my TA target will be Leg 5 (on weekly or month chart, not dialy) with a near term target of $5 (possible 1yr?). My exit point will be when retail FOMO kicks in, MACD and RSI will max out at 90ish, and I will sell 2/3 of my holdings, keeping 1/3 until $10. But this is my life goal (another track car), not anyone else's. Please keep that in mind and please DYOR.
All the best.
sketch of my monthly chart, but commsec has S*** tools sorry (no leg 5 as I couldn't draw it on, but $5+)
(20min delay)