RAC 4.02% $1.79 race oncology ltd

Jabba, we all agreed not to feed you yesterday, but I'm...

  1. 340 Posts.
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    Jabba, we all agreed not to feed you yesterday, but I'm intrigued and going to ask you a couple of serious questions on your analysis.

    Prior to the recent moves in RAC you identified $1.30 area as a key target area due to back-testing an uptrend line that you had drawn which you obviously placed a lot of significance on. Indeed you quoted it as a possible price target (although that was along with several other possible prices that you threw around) at least 6 times:

    https://hotcopper.com.au/data/attachments/6050/6050103-3f06be73b5343451e01e0e6c01df6ebd.jpg

    https://hotcopper.com.au/data/attachments/6050/6050115-4e200f7eb9a5788d67e10db6a8516904.jpg

    https://hotcopper.com.au/data/attachments/6050/6050147-fd3497be5083bbec7f652d4d6482b16b.jpg

    https://hotcopper.com.au/data/attachments/6050/6050174-2b66005731bfacece5b35a1a6b72500b.jpg

    https://hotcopper.com.au/data/attachments/6050/6050190-1c59f44c0d0e858a2b335e8668e8792a.jpg

    https://hotcopper.com.au/data/attachments/6050/6050197-bc92db50ab3c0e2a59be79531f98beac.jpg

    Whilst I might not agree with how exactly you reached $1.30 as a significant target, I agree with you that the area was a very significant area of resistance to be broken as it was the breakout region of a more than 2 year down-trend that started back in December 2021. I therefore expect there is a good chance that this area could now act as a significant support region following the breakout and subsequent pullback.

    Given most TA and chartists seems to work with the concepts of support and resistance, and prior resistance becoming support, and vice versa, could you please explain to me:
    1) Why has the $1.30 line and target which was so prominent before (i.e. prior to the recent price action) now been removed from your chart?
    2) If a price target was identified originally as area of resistance, following a breakout of that area, wouldn't such an area then be a potential support and back-test area on the subsequent pullback.
    3) Given you were expecting resistance at $1.30 to be so strong that price would not break through it, why do you not expect the $1.30 area to act as a strong support on the pullback now?
 
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Last trade - 16.10pm 14/06/2024 (20 minute delay) ?
Last
$1.78
  Change
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Last updated 15.55pm 14/06/2024 ?
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