AMP 1.03% $1.93 amp limited

the chart that saved me

  1. 10,543 Posts.
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    For history sake and for the record I'm posting my AMP chart one last time. Some may remember that I have mentioned some AMP advisor friend who literally hold many tens of thousands of AMP shares and have done so from the peak and all the way down. Still hold.

    At each point where the word support appears you can see the break of a major technical line and though AMP has on occassion recovered back above it it is one of the clearest examples of a phenomenon I have refered to in the past as being beware of opens or especially closes below supports as they signal either immediate or future weakness.

    I posted many times on HC that I was a buyer at $7 and for one day I held a lot of shares at that price. The very next I was out for a minor loss which for a few weaks seemed like a brilliant move and then for the last month has had me tempted to break my trading rules.

    On a number of occassions I have forwarded progressive versions of this chart to my mates most memorably when I dumped the last of my AMP shares at $16 when support broke. Its memorable because these guys actually took this chart (or the bit that existed then) to their contacts at AMP and returned to tell me that technical charting was akin to witchcraft and that I would regret my sale - direct from the proverbial horses mouth at AMP.

    They are still holding on - though I haven't spoken to them since last weeks announcement, not because of anything other than something that another AMP thread on HC just made me think just now.

    They are down nearly bar and still reckon what technical traders do is completely unsubstantiated witchcraft. Fair enough, so did I when I was a FA investor.

    You know when people see something or think something is wrong with major institution. I don't think it a coverup that no one speaks out. I think its just that quite frankly people just cannot believe it. And certainly nobody wants to look like a fool speaking up and saying, "You know, I think AMP (or maybe Westpac in the last 80's, or State Bank etc) is in real trouble. Well, not unless its on an anonymous internet chatroom with a disposable nickname.

    I actually felt like a complete d!ckhead when I sold my shares at $18 and $16 and even at $7. And though I feel pretty happy now I still feel like that in relation to the major banks and several other financial institutions right now - ie extremely negative and unable to totally believe my own gut instinct in the face of short term movements.

    All I can say is - look at sme of the major technical lines that these institutions have breached recently dispite their heroic recoveries in the last month or so.

    Cheers all.

    (Sorry for the oversize chart)

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Mkt cap ! $6.632B
Open High Low Value Volume
$1.95 $1.97 $1.93 $12.36M 6.366M

Buyers (Bids)

No. Vol. Price($)
5 71000 $1.93

Sellers (Offers)

Price($) Vol. No.
$1.94 105975 4
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Last trade - 16.10pm 17/01/2020 (20 minute delay) ?
-0.020 ( 0.83 %)
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$1.95 $1.96 $1.93 2859673
Last updated 15.59pm 17/01/2020 (live) ?
AMP (ASX) Chart
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