Sorry, my reply is broken, replying to @JabraD
post 72936893 above...
I've called you out on this before but you've done it again
@JabraD.
Four hours earlier than this post, you posted this: "
Credit where credit is due it broke through so next spot is as follows $1.65 area get through that I see $2.30". However, once RAC actually broke through that $1.65 level (up to $1.82) and started a (not unexpected) pullback, you've now called it "
selling/fake breakout here, BUYERS BEWARE" and stated later that your infamous $0.47 target (though not as infamous as your $0.38 target) is now back in play. You have an ability to change your reading of your charts on a whim and in such a way that no matter what happens you can come back and say you called it correctly. There's no point in performing "analysis" of a stock if you're completely unable to use it to your advantage.
I have another chart for you. This chart shows that since your first post on RAC (at least according to HC search) on 23/6/2023, anyone who listened to your "BUYER BEWARE" has missed out on anywhere from a potential 5-10% return (if they bought at up to $1.60 in July 2023) to a 150+% return if the bought in the mid-60 cents in January and February this year. In fact, other than some buys at the highs today, the fact is that
everyone who has bought RAC since your bearish calls started are in the green.
Now I'll be the first to admit that when you first posted on RAC, the chart looked pretty terrible, and you were right to be bearish (on a chart basis, irrespective of the fundamentals). However, since then the stock has put in some work and the chart has changed for the better, and despite your interest in RAC you seem to have missed the following:
1) 7 months of basing/consolodation/accumulation between $0.75 and $1.10
2) Rejection of false breakdown into the 60's cents and retest of support at $0.75 (bear trap)
3) Powerful breakout of the consolidation range and a few days later the breakout from the psychologically important down trend that began over 2 years earlier.
In my analysis, all of these factors provide an indication that RAC has bottomed, and I've posted as such on a couple of occasions. I'll also admit to being surprised by the speed of the price action and am expecting that RAC will need to pull back and consolidate at some point, so there will be no surprises to anyone if this happens, and it doesn't mean that RAC is heading tom $0.47/$0.38 if it does.
Note: for those considering using
@JabraD analysis as a contrarian indicator, you'll see that although price did almost halve since they started being bearish, the way the chart has played out it they actually weren't far off from picking the bottom. So there may be merit to this approach.
Bonus: I've also added in the call
@dory made on 16/2/2024 for "Cheaper Monday and the next day and the next" which almost called the bottom exactly. In fairness to
@dory though, they were bearish on RAC at ~$3, so did call it correctly for a while. Similar to
@JabraD though I think they become wedded to their position and are fixated on "being right" and unable to change when information does, which is the opposite of what good charting and analysis should entail.
(20min delay)
