“Such a long post that really tells us nothing. All it has done for me is reinforce my opinion that charting is usually a pointless exercise. I quote you:"Sooner or later we could have a breakout or a breakdown". Reeeeeeally helpful. Thats like telling my sister that if her baby isn't a girl it will be a boy.” - @David1976
Hi David. Thanks for the comment. I read my comment again to see if it was really as silly as you describe but I’m afraid I don’t seem to share that opinion. It should be very clear that what I’ve done is to highlight both
pros and cons around what is a very key zone / major inflection points.
Since I don’t hold a long or short position in SYR, I’m perhaps in a better position to highlight both pros and cons as I’m indifferent to the outcome, unlike you.
Also my comment is not “charting.” I use and in the past have used a
combination of SYR FA, graphite sector FA, general commodities FA, macro FA, SYR TA, SYR “key levels” etc.
You are of course free to ignore the comments and even put me on ignore, if you don't find it useful.
I’m used to diehard SYR bulls in the past telling me how silly my comments are all the way down from 6.4, and sadly for the eternal bulls, it has not been a happy story so far and SYR has to approximately 3 bag from here just to reach the levels where I gave bearish warnings.
Key levels - 2; 2.24; 2.39/2.44/
2.5; 2.64; around 2.8; 3; 3.2 (3.15 and 3.25); 3.45 to 3.53; 3.65; 4; 4.5; 4.72
SYR IMO topped today at 2.49 due to 2.5 key level resistance. I still don’t know for sure where it is going though, but just a basic knowledge of key levels tells today's story.
Lastly while my comments are not “charting” IMO, one would be wise to get a basic understanding of charts.
The market does not care whether or not you find charting a pointless exercise. The very fact that many market participants believe in it and instos have charting software, algos, etc. often makes charting a self fulfilling prophecy. But feel free to ignore charting if it suits your investing/trading strategy. It is your investment and your decision.
Good luck with your stock. Cheers.
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