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QPM

2.70%

3.8¢ queensland pacific metals limited

QPM Chart, page-5

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PrivateRob

2,070 Posts.

263

03/05/21

09:51

Post #: 52887075
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Originally posted by W3hunter: ↑

@sydney thank you mate that`s very kind to say I appreciate it! the chart cycle we`re looking at in this example is not only common to QPM but to most strongly trending stocks..the first approx 80% of this cycle is the initial retrace followed by a long bottoming/sideways period where eventually price begins to rise above 62% of the initial retrace distance, this is the start of the last 20%..(breakout period)..during this period price re`rate fairly quickly say 10-14 days...the 62% (breakout level) here is 12c and yes this very often becomes the new support (I bought more at 12.5c on Thurs at the "back test" ) the old adage "old resistance becomes new support"..if price closes back below 12c anytime soon then something is clearly wrong...but we can also see that these cycles are becoming shorter and shorter here, the trends up are increasing in confidence this could mean that our breakout is about to go parabolic. View attachment 3149984

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This absolutely makes sense and I like how you show it so clearly. Thanks for posting.
I don’t claim TA knowledge but a lot of it is based on investor psychology and so for a stock with an increasingly known and positive story, there’s definitely a pattern.
Overlay the future prospects and it’s a useful tool.
(Just no wild old incorrect price claims like our friend Patterns!)

QPM Price at posting: 14.0¢ Sentiment: Buy Disclosure: Held
7 Upvote

0 Great analysis

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