POLYNOVO LIMITED (ASX:PNV) - PNV - Chart, page-3282 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum

Originally posted by Lies&damnlies ↑

Hi Westsurf
I always like to read our posts. I like your style with them. I look at longer term while you look shorter term. Not saying anything wrong with that from both of our sides.

I posted this on the 10th of October when the SP was 2.54.

"" I use FIB's and EW's as a guide ( I use them, but don't swear by them) to not be surprised at movements like this one. So on a daily base we have a low of 1.25 with W1 rise to 2.41 peak , then W2 fall to 2.09 26% retracement, Now we have a W3 rise. FIB's suggest targets of 2.68 (23.6%) then 2.85 (38.2%) (this is the target I favour) and 2.99 at (50%) before a W4 correction.
Lets see what happens.
I jumped on these shares only relatively recently with my first by at 1.19 and the second buy at 1.67 but its been an astonishing ride. ""

Currently SP reached a high at 2.66 We have come very close to my fib 23.6 percent target of 2.68. That was easy, currently the price has fallen back to 2.44. Its profit taking part thats of a natural upward cycle. Need to dry up the sellers (profit takers) before the next upward movement. Has the selling finished? I suspect soon maybe a few more days to go. Thats in your sphere of charting. In my opinion if there is a further fall it could come down to around the 2.33-2.37 range although it could turn up tomorrow.

I like around 2.85 (fib 38.2%) and even 2.99 (fib 50%) to be the marks of another more serious bout of profit taking.

I post the following on another HC website concerning SMN.

But it will give your a feel for how I use charts.

I like to use the weekly charts when monitoring all my stock.

I am bullish if the weekly hi-lo candle stays entirely above the 10 week moving average 10WMA for a couple of weeks and bearish if the hi-lo candle is entirely below the 10WMA For at least a couple of weeks

""With SMN (see my chart below) in the week 28 July the candle was entirely above the 10WMA, since then for 11 of the 12 weeks it has even been higher or trading through the 10WMA. The exception was the week 22 Sep. Note last week 13th Oct it traded entirely above the 10WMA.

Also note that the 10WMA line is trending upwards almost consistently for 12 weeks and also cross the 40WMA (200 day moving average). Both very good signs. Also note that the 40WMA is turning upwards.""

See how this technique has worked with PNV. I'll post the weekly chart below. I should also note that with seriously advancing stock a two week hi-lo fall below the 10WMA is not enough for me to partially sell the 10WMA need to turn down as well.

You can pull this chart left to see a close up of recent history and pull it right to see when the weekly Hi-Lo candles if traded above the 10WMA and see what the closing price of the second week in comparison to the share price today.

There were two starts across the entire period firstly at 26 cent starting the week of 10/09/2017 rose to peak 63 cents on the week 20 may 2018 without the weekly Hi-Lo trading entirely below the 10WMA. That a serious rise

AS at the 8th July for the first time the weekly Hi_Lo had fell entirely below the 10WMA. bearish fell to a low of 46 cents.

As of the week 2 September 2018 the weekly hi-lo candle traded entirely above the 10WMA again with the second week closing at 56 cent. A signal to get on until the next bearish flag of two weeks of weekly Hi-lo
being entirely below the 10WMA.

Well its been over 13 months and not once has the weekly Hi-Lo candle trade entirely below the 10WMA.

The stock has risen from 0.56 to a peak of 2.66 and is currently at 2.44 . The weekly Hi low need to fall entirely below before your need to consider on partially getting out and then needs to be baked up by the next week.

I did only discover this stock relatively recently my first buy was at 1.19 and my second was at 1.67. Not disappointed.

Warning this technique gets a little more dubious with gold, metals and oil stocks. It needs another set of rules.

In the near term I suspect some chance of falls with a rising sun to the 2.85 and even to the 2.99 mark.

All of this is just my opinion. As always DYOR.

good luck folks

cheers Lies

Expand

Hey Lies,

Thanks for the above. Will enjoy utilising your method above for longer term analysis.

I do appreciate the fact that people take the time to provide such a detailed analysis.

Westie

No.	Vol.	Price($)
14	18237	$2.27

No.

Vol.

Price($)

18237

$2.27

Price($)	Vol.	No.
$2.28	28536	21

Price($)

Vol.

No.

$2.28

28536

No.	Vol.	Price($)
15	24506	2.270
17	37302	2.260
24	67663	2.250
16	352671	2.240
7	13213	2.230

No.

Vol.

Price($)

24506

2.270

37302

2.260

67663

2.250

352671

2.240

13213

2.230

Price($)	Vol.	No.
2.280	18910	16
2.290	37719	25
2.300	46073	18
2.310	30726	14
2.320	48529	10

Price($)

Vol.

No.

2.280

18910

2.290

37719

2.300

46073

2.310

30726

2.320

48529

(20min delay)
Last $2.28		Change -0.065(2.78%)		Mkt cap ! $1.571B

Open	High	Low	Value	Volume
$2.32	$2.34	$2.27	$827.8K	360.8K

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