IGN 0.00% 13.0¢ ignite limited

CND - TA - head and houlders

  1. 3,800 Posts.
    Im not much of a techie but mid last week I looked at the CND chart and saw the potential for a head and shoulders. Max volume in left shoulder, less at the head, and not much at all on right shoulder. On Thurs I thought it was going to trade higher away from the neckline and destroy the pattern. But the steep fall on Fri and now today makes it to reality. Have never been a believer in these being patterns being reliable (still dont) but Im caught how this one has turned out despite its supposedly good fundamentals and even some positive TA comments elsewhere recently.

    Another intriguing thing is that the projected downside target from the pattern is approx 80 cents........ and hooly dooly todays action has almost got it there......wouldnt have thought that when it was over a dollar last week and not looking too bad.

    hmmmmmm. so are the fundamentals still good thus we are looking at a real bargain. Or does the TA tell us there is some bad news behind the scenes?


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