Hi everyone. I'm going to post my personal thoughts and TA here and I know this isn't going to go down very well but all the same I will do it anyway. Firstly I am going to start with my personal thoughts. I feel that HC has become very poisonous, I have been accused of posting things that I haven't posted from people who don't want to hear things that don't suit their opinions. I really enjoy coming here and talking charts because I don't really have any friends that are interested in charting and trading, they just want to know what to buy and I don't want to be held responsible for their money, I have an appetite for risk and things change quickly in the spec arena. I feel like several people have an issue with Slick and have perhaps seen me engage a fair bit with him therefore coming to some conclusions about me, which is fine... whatever. But I will say that I'm always happy to engage with anyone, I don't go out of my way, I don't always click the like button even if I like a post but I do appreciate the people who do provide actual interesting analysis. Slick took the time to engage with me and actually gave me some enthusiasm to post my thoughts and charts and whether you think he is arrogant, lies about his trades or whatever doesn't even matter to me, if he has something of interest to me and is willing to take the time to have a discussion about technical aspects, that is gold to me. This is what the TA thread is for! But we live in the now and everything has been poisoned!
I always try to keep my posts humble and opinion only in the hope that it is not too hyped up and more level headed. I often talk about the fear and the losses I have had because I think they are more important elements to read here just to try and make new investors not get carried away with the hype that is predominant in stock forums. In reality I have had many devastating losses but I have always been able to make them back and add profit to my portfolio, but I feel like that is not constructive narrative, and I wish I had heard more of that in my earlier days. I'm not sure if I really want to post all that much from here on in but I just wanted to say my piece. I think everyone should assume everyone has an agenda and that definitely includes me. I have sold and am watching now, so now is the time that you should be very cautious of what I have to say.
We have come out of pandemic times which has seen stocks beaten down, quite possibly to oversold territory. But now we are in wartime that is looking to escalate, that should not be looked at lightly... I have no idea where the middle ground is here or what is in store going forward, that is yet to play out. I love the way IMU is progressing but it is still a speculative stock until the technology is proven and making money. I can only read the charts as I see them and try to keep all of that in mind.
I have mentioned the fact that diagonals are very dubious and can change pattern formations but I also believe that over longer periods I believe they gain strength with the overall trend as they come more apparent and the shorter market movements start to iron out.
So this is what I'm looking at now
We are still in a downtrend and testing. All the positive could very well break us out of this, perhaps very soon...
The weekly breached the 200ema and got strongly rejected, fair enough, it was roughly a 400% rise. Anything above the 50ema was rejected for the next 7 candles, then the 200ema was tested twice ending in a doji followed by a drop to back below the 50ema. The BB median is sitting at the support level of the range it has been trading in. Those blue lines are the gaps.
The daily chart is sitting right on support of both the 200 and 50 emas. I would consider that strong support, but it is weakening, it attempted to rise but ended up being a doji, the following days opened higher but got pushed back down to support, today opened at support and ended there. You could draw a dubious line there if you like. The anticipated Golden Cross is looking like a test, I have mentioned that I am cautious of a first Golden Cross after a big downtrend, There is often a test that may coincide with Elliot waves.
On the 1hr chart the 50s have come back down below the 200s (similar to a death cross on a daily) all the candles are now below the BB median, there is still room for the candles to start pushing that BB open and stretch it out. Both the 50s and 200s are now resistance. The market depth over the last few days has churned though the support at 10c, it was reloaded a fair bit but the buyers have gone from 10m to around 2m today...
Honestly, make of that what you will. But I am not enjoying this as much as I was.
I wish you all the best either way though, I'll see how I feel later. Life is too short to be diplomatic for no real reason. I like most of the people here, but the odd few.... well...
(20min delay)