I think charts are best used with FA . In this example you have chart formation pointing to break out but a number of FA reasons suggesting it may not be sustainable for now
1 - big and quick increase in LME inventories
2- Zinc prices weakening
3- placement funds about to hit market
I like IBG a lot but given it's total cost of production , the sustained rally will come when zinc price vs cost has a bigger margin . This is a medium cost mine and thus IBG will take off when Zinc is heading to 1.15-120 .
With charting - it can be self fulfilling so you have momentum peaking post break out , resulting in a false break if FA buyers don't come in to support the TA break out . - that's how I see it anyway
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I think charts are best used with FA . In this example you have...
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Last
0.3¢ |
Change
0.001(50.0%) |
Mkt cap ! $5.500M |
Open | High | Low | Value | Volume |
0.3¢ | 0.3¢ | 0.3¢ | $1.612K | 544.7K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
22 | 19654995 | 0.2¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
0.3¢ | 5731115 | 10 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
22 | 19654995 | 0.002 |
12 | 12600487 | 0.001 |
0 | 0 | 0.000 |
0 | 0 | 0.000 |
0 | 0 | 0.000 |
Price($) | Vol. | No. |
---|---|---|
0.003 | 5731115 | 10 |
0.004 | 33681459 | 20 |
0.005 | 2500000 | 4 |
0.006 | 100000 | 1 |
0.007 | 715300 | 3 |
Last trade - 13.07pm 04/09/2024 (20 minute delay) ? |
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IBG (ASX) Chart |