Given how interesting the TNT chart is at the moment, it's strange that the chart thread hasn't been touched for two weeks, I had to scroll back to find it.
I haven't been paying as much attention to the chart since selling out, but I loaded up TNT on a chart page this morning and an autosave had kept some lines I'd put in some time ago when I saw a triangle forming. I'd completely forgotten putting those line in or even looking at the TNT chart on that website, but it was interesting to see that the triangle had played out and broken down rather than out. We're now seeing TNT sitting on a double bottom around 18.5-19c, which indicates a likely bounce, but if it fails the double bottom the technical target is quite low, and already the break down of the triangle gives a target price of 9c, which actually coincides with the level it was around just before it broke out in mid July last year, adding weight to the target.
Looking at the chart alone, I would be expecting 9c (or at least something around 10c) to be hit, but with the fundamentals I'm not so sure. If the double bottom fails, it's going to be very interesting to see if the fundamentals can prevent the technical target from being realised. If it does bounce off the double bottom, all this will be avoided, but given that including today it has tested the 19c support level five out of the last seven days, it is looking pretty precarious. Very interesting chart to watch! For the sake of holders I hope it does bounce off 19c, but if it goes near 10c I'll definitely be thinking about coming back. Unless we discover that the organic growth story is definitely devoid of anything but smoke and mirrors, 9c would surely have to be the absolute bottom, and I'm surprised to even be thinking it's at all possible after starting this year with hopes of 65c by the end of it!
