re: on the move? - ta anyone? Day NT, Flats, Mining Nut,Et...

re: on the move? - ta anyone? Day NT, Flats, Mining Nut,Et Al.
Like to thank you people and others who posted on this thread for your valuable contributions on the FA side of the analysis of this stock.
On the TA side, yes I see this as a double bottom after the long slide from the highs around the 60's.

BUT__ my chart only goes back 3 mths and whilst I cannot remember it, if the stock was below 34 just prior to the 3 mth period then the supposed double bottom would be negated or at least severely weakened as it would not be at the end of such a strong downtrend.
Assuming this was not the case I would say then this is a strong double bottom at the end of a strong downtrend made stronger by the fact the bottoms are separated by a months trading ( the shorter the time between the bottoms the weaker the double bottom ).
Now the conformation of a double bottom is a close above the interim high between the bottoms, this we already have on Sept 1.
Now it gets interesting as we look at the last pullback from Sept 1 high, stead of getting tied up in fibbonnaci and the likes lets just use a rule of thumb.

1. A forty percent pullback will give you a new high.
2. A fifty percent pullback will give you an equal to the last high.
3. A sixty percent pullback may not equal the old high.

Ok we got about a fifty percent pullback so we should
get at least equal to the last high, in my humble it is a very weak pullback so I am going for a new high.

Brings us to the gap up this morning, gaps are very powerfull signals in TA, being basically of three types,
Breakaway, Common and Exhaustion.
Breakaway gaps occurr usually at the bottom of downtrends and are signified by volume of at least double the average volume of the last ten days, which at this time is over 500,000, so we have it, and genuine breakaway gaps have no requirement to be closed and some times never are.

All in all some very exiting signals happening right at the moment.
Could be a good turnaround , could be the beginning of a very strong runup, this could be a load of BS, but IMO
we are looking at some very bullish signals,so lets see how it pans out.

cheers, falko.

Warning for those that do not already know it, it's your money , your decision.