TNT Chart, page-4919

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tamz

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31/12/22

10:44

Post #: 65488229
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Originally posted by tessathedog: ↑

In fairness to Sdaji, he did kind of hedge his bets. In true chartist style, he basically said “I think it’s going lower, but if it doesn’t, it could rise instead” (!). That’s basically what chartists ALWAYS seem to me to say. And then no matter whether it went up or down, they then say “I told you so!”.

But Sdaji to his credit has also highlighted for us some key resistance and support levels. Which again I think should be all hocus-pocus nonsense, but there are enough chartists out there investing on that basis that the resistance/support levels tend to become real, and so gives some credibility to charting after all!

Anyway, all short term noise to us long term folks who see a company that we anticipate will one day will be making a profit that will justify a higher share price, irrespective of candlesticks protesting to the contrary.

And yes, like you I have likely disgraced myself posting such recalcitrance amid the holy texts of the chartist folks, and will be censored and sent back to the fundamentals threads where I belong. But sometimes, it’s just too much fun to peer through their window, see them hunched over their charts, black and red pens in hand, plotting their extrapolations while keeping a close eye on whether Jupiter has slipped into Aries, and call out “I can see you!” before scampering back to the more rational “fundamentals” pages. And let us not forget that Sdaji does give us good input on those as well.

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Charting is basically analysing crowd psychology and applying mathematics and statistics to predict what is likely to happen. A good analyst will be able to use the trend information to decide when to exit and enter. It works on the basis that if the majority now believe a stock is going down, then it will and time to get out and of course the opposite as well. Some very good people over decades have developed the analysis that gives you the various signals that enable you to get ahead of the herd.

I don’t use it, in spite of being lent piles of books by friends who do. Too lazy.

The other problem I have is it’s only as good as the latest announcement. All the trends can be down, but sentiment can immediately reverse with a positive macro or company specific announcement. So like you I really belong in the fundamental corner, although I find the perspective in here interesting and I believe all info is valuable.

TNT Price at posting: 13.0¢ Sentiment: Buy Disclosure: Held
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