RE: Bored of this Board14 Apr 2023 11:12
"There are a lot of random comments on this board e.g. chartist interpretations of price movements, arbitrary references to the importance of copper in electrification, speculation of how is buying and selling etc. etc. Really, none of this matters" - it sometimes matters a lot.
When CNR was at around 53p, the chart indicated a drop on the way and I posted on the CNR board that the sp would drop to about 43p or 42p. I got a lot of abuse for offering that opinion. These boards are full of people who want to hear only the "Big rise on the way" sort of posts.
The CNR price, which went to 55p or possibly a bit more, then dropped to 42p. I thought the chart suggested another fall on the way. I said so and again I got a lot of abuse.
It eventually fell to 15p - from 55p or more. I had sold out and avoided the drop. By the way, CNR is now back up to 30p, but it has taken a long time to recover that much.
I can give other examples were the chart has signalled major movements ahead. It is true that it can go wrong. That is usually due to jumping in too quickly and thinking a pattern is forming but it turns out to be forming a different pattern, which would have become apparent if the analyst had waited a bit longer, or, as in this case with PXC, I saw the fall coming and, expecting it to go on for a bit longer, I stopped looking at the chart, but Metalhead kindly pointed out that it might be forming a new pattern. That shows the need to keep your eye on the ball.
These short term moves might not matter for those taking the long term view, but CNR investors who ignored the warning have been waiting for years to get their money back and they still aren't there yet.
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