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CT1 2.2¢

john - copy of long term technical comments from a

  1. ds

    7,132 Posts.

    "For all my long term friends out there. I asked a charty mate to give me topside targets now that we have broken the 83/84c area (61.8% retracement of move from 99c back to 61c). Point 1 - he didn't have much time to spend on it so analysis was quick. Point 2 he has bought some now. Point 3 - this is biased ie I aked him for upside targets not what he thought generally.

    Target 1 was what I have said before - $1.25 based on second wave equalling first wave (35c to 99c)
    Targets 2,3 & 4 were $1.49, $1.57 and $1.64 and were all Fibbonachi etention numbers - he seemed to think the stock was tracing out Fibbo numbers very well (unusual for stock apparently) and should continue to repect that. Final confirmation of these targets would be a close above the previous high of 99c.

    He seemed to think there will be little or no downside (defined by him as not below 80c area but not broken till below 73c) - especially given the recent acceleration on friday and today and the volumes going through.

    Hope this helps - I always find it hardest to pick an exit if you are planning to sell any. No change to my view - I will sell about a quarter between $1.20 and $1.40 and I think the rest will slowly go out between $2 and $6.


    Oops - forgot 1 thing that he thought was very important - a few closes above 85c would be an extremely bullish signal according to him - he reckons it has only closed above here on 2 days and they were a blow off top - something he usually discounts from charts in equities because of the lack of liquidity on sharp moves and it usually takes up to a few days for information to properly reach all holders for them to repond to.... anyway - he seems to think that the 'adjusted high' is closer to 85c. Not sure I agree with him as I remember alot traded in the 90's but I do agree that your average punter and about 95% of the register would never have been able to respond in time."

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