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Sir Mick

147 Posts.

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19/07/20

20:25

Post #: 45968100
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Originally posted by Sdaji: ↑

Here's your symmetrical triangle, BoZz. If it's valid and plays out, it should break out of the triangle on Wednesday at the latest, and from there quickly heading to the target price which is approximately 10c (assuming it's to the upside, which conventional charting clearly suggests, mainly due to the previous upwards trend).

The technical stop loss point would be 7.5c and if it went below 7.5c the downside target price would be about 5.8c

I doubt we'll see that downside scenario play out, but if it did I'd expect a quick recovery to around 7.5-8c before again testing higher prices. The upside scenario does seem likely to play out this week.

If we just assume the last month or so to have been 'noise' on the chart, and we go back to the previous channel, we should hit 10c in around a month (and then probably continue that trend upwards).

Beyond that I'm optimistic but don't have specific projections. I don't expect we'll be seeing the 50+c prices a small number of posters have mentioned, at least any time too soon, but we could easily be above 10c very soon with more positive movement to come after that.

*** Please note that none of this is advice and obviously there are no guarantees, it's just a mixture of conventional charting and my own simple analysis (hopefully it's clear which parts are which).

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Thanks for your post @Sdaji. I have no idea how you come to that conclusion, but I appreciate your professionalism. For investors like me with money but no clue in terms of triangle stuff, I start to gain more and more interest. Do you suggest any reading material regarding this triangle thingo?

TNT Price at posting: 8.2¢ Sentiment: Buy Disclosure: Held
1 Upvote

0 Great analysis

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TNT Chart, page-22

Top Stories

Capital raisings wrap: Brainchip, Ovanti, Lake and VHM

Monadelphous inks $200M contract with Woodside to help build Pluto LNG – but will it make Scarborough cheaper?

Horizon firms up ore reserve for Boorara ahead of FY25 Q1 development decision

Red Hawk upgrades Blacksmith with DSO mineral resource at the Eagle Deposit

IGO kicks off earn-in copper drilling on-site Encounter's Yeneena play as it adopts new identity

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Nova locks in NASDAQ US market listing at a value of only US$3.3M as ASX gets quieter and quieter

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MinRes jumps 5% as the company meets production guidance – depressed iron ore prices be damned

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