Promising am but ****e pm.
Signal of things to come perhaps.
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Promising am but ****e pm.
Signal of things to come perhaps.
You’re looking at the base price now I’d say
the 3 times its retraced its averaged about 12 cents and does so over for about 5-6 months.
It wasn't that long ago peeps were saying stuff like it'll never be below a dollar again...well that was proven incorrect on more than one occasion. Yeah I reckon a new base at ~$1.20 isn't unlikely, especially if and when there's a little correction on the dow or sumink. Chuck another decent covid outbreak in the mix and it may well go lower. I'm not concerned though, the general trend is up and a healthy correction at this point will be a short lived opportunity for topping up.
Attachment 12026
I reckon its closest to a shooting star
What is a Shooting Star?
A shooting star is a bearish candlestick with a long upper shadow, little or no lower shadow, and a small real body near the low of the day. It appears after an uptrend. Said differently, a shooting star is a type of candlestick that forms when a security opens, advances significantly, but then closes the day near the open again.
So sell everyone sell !! we've shot our load
To add to our understanding of a shooting star (if thats what it is) ...
The candle that forms after the shooting star is what confirms the shooting star candle. The next candle's high must stay below the high of the shooting star and then proceed to close below the close of the shooting star. Ideally, the candle after the shooting star gaps lower or opens near the prior close and then moves lower on heavy volume. A down day after a shooting star helps confirm the price reversal and indicates the price could continue to fall. Traders may look to sell or short sell.
If the price rises after a shooting star, the price range of the shooting star may still act as resistance.
If its been there once it will go there again, unless there is an adverse announcement. But not necessarilly in one day.
I'm with you mate and at my core am a value investor. I respect TA and do the basics like not buying in a confirmed downtrend, (unless there is extraordinary deep value that's completely irrational) and like basic indicators like seeing my belief in the fundamental's supported by a rising trendline. Buying a half sized position on a break about the 30 day moving average and the rest on a break up through the 100 day moving average is one of my favorite approaches but always supported by a deep conviction about the fundamental's. I seldom if ever buy on TA alone...but with the TA stuff I think its best to stick to the confirmed trends. I leave the abandoned baby and shooting star type theories to others.
This is now in a nice confirmed uptrend supported by compelling fundamental's.