Australia's largest stock trading and investment forum Australia's #1 stock forum

XMD

0.47%

10,302 s&p/asx midcap 50

Thanks Orwell

First 877 Last

Share
Profile

Follow
soccer5

244 Posts.

3

05/06/17

13:37

Post #: 25101879
Share

Originally posted by Orwell ↑

Hi Soccer. Yes that link in my MND post above also included a chart on SGM. It was behaving in a really normal way to that time and had put in a solid base, so that looked as solid as solid can be to set up a long term long position. But then it when and did some sharp corrections and got volatile and dropped to new lows. Once that happened it went off my watchlist, I dont like charts behaving in such an odd way and assumed there was something really wrong with the business or the market for scrap steel.

But its interesting with the passage of time to see the chart again. You could be right that its now found its real low and is in a Wave 1 new bull phase. Where this wave 1 peaks is unclear. You need to look for logical clusters of horizontal resistance. I dont have my charts with me but will check later. Your $15 is the sort of level Id expect. Wave 2 you can guess at but no need to now for trading purposes, just calculate that once this phase comfirms it has completed and turned down.

But what really caught my eye in look8ng at my old linked chart above was the lows back in 2001. That looks about $6. That would explain things, that traders took it down on bad news to a double bottom. Now a 16 year DB would be a powerful long signal. See if you can check that.

I'll have a look tonight anyway on my charts.

Expand

Thanks Orwell

XMD Value at posting: 6,243.9
Upvote

0 Great analysis

Reply

Top Stories

MIN

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

GRL

To make modern missiles, you need 3D Printing. And in that gold rush, Amaero is selling shovels

BTH

Bigtincan's Board backs Investcorp offer: Why a NASDAQ listing could be game-changing

WC8

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

ALY

Alcidion inks deal with Vic health provider Peninsula for use of Miya Precision tech

There are more pages in this discussion • 119 more messages in this thread...

First 877 Last

Add XMD (ASX) to my watchlist

(20min delay)
Last 10,302		Change -48.300(0.47%)		Mkt cap ! n/a

Open	High	Low
10,351	10,380	10,286

Thanks Orwell

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

To make modern missiles, you need 3D Printing. And in that gold rush, Amaero is selling shovels

Bigtincan's Board backs Investcorp offer: Why a NASDAQ listing could be game-changing

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

Alcidion inks deal with Vic health provider Peninsula for use of Miya Precision tech

Featured News

Featured News

Thanks Orwell

Top Stories

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

To make modern missiles, you need 3D Printing. And in that gold rush, Amaero is selling shovels

Bigtincan's Board backs Investcorp offer: Why a NASDAQ listing could be game-changing

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

Alcidion inks deal with Vic health provider Peninsula for use of Miya Precision tech

Featured News

Featured News