SFR 0.59% $10.27 sandfire resources limited

Doesn't look remotely like a triple bottom. Isn't repeating any...

  1. 15,767 Posts.
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    Doesn't look remotely like a triple bottom. Isn't repeating any previous low and there is no prior trend to reverse except an uptrend that already halted in it's tracks (it's a trend reversal pattern which signals the end of a trend) - Beside which, double or triple bottoms, (or tops) do not get confirmed at the point they repeat the previous lows (or highs for a top), they must wait for confirmation of the prior trend reversal when the price bounces past the mid point (imagine a W for double bottom, or M for double top: the pointy bit in the middle, OK?)
    What I do see on SFR chart is a wedge, which must break up or down. My only interest is as a GTE holder, as they have $500k of SFR shares to flog, so I hope it's up, but as the MAs are all death crossed, I suspect they should have taken the chance when it was above $6. On positive side, there are two clear gaps above to be filled. I suppose the Triple Bottom you think you are seeing is the 3 touches of the uptrend line - if it is kind of valid on that basis, then what SFR holders would be looking for is a break above the $6.21 line, which got hit twice for your two midpoints of a double W, if you like - that coincides in any case with a break above the downtrend line, so comes to the same thing, I suppose. Expect SFR just need to go find a copper mine or three in GTE's N.Yerrida and we'll all be right. GL!

    Last edited by CEOChair: 12/08/17
 
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$10.31 $10.42 $10.18 $14.51M 1.416M

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2 5465 $10.26
 

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$10.29 2241 2
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