RE: chartwise...14 Jan 2023 15:30
Ci, I use HL charts (as that's the platform I use to trade on), closing prices.
Between 23/12 and 30/12 it plateaued at 57.5p-58p before eventually falling back to 51p. so when it broke 58p on the 11/1 (closing at 61.5p that day), that 58p resistance then turns into a support.
Those few days of being stuck at 58p in december meant it was a stubborn resistance but once broken then becomes (in theory) a strong floor or support and is therfore less likely to be easily breached.
(None of this is written in stone (its just an odds game) and had it fallen back below 58p then 51p would be the next support.)
Anyway, it is now in a trading range between 58p and 76.5p but that next, then, low at 76.5p was last year and there is a more recent resistance of 84-86p.
In charts you normally go by the most recent support, so mid 80's, so its a fair argument that is in fact the next target to aim for.
So we will see but I try and be conservative with my targets so err on the side of the lower ones.
And remember this is all today. Close of play monday, depending on the price action may well likely call for a reassesment.
For people who don't see merit in charts they overlook that it is by its nature, such a fluid thing and get frustrated with what often looks like a flip flop approach form chartists, but it is simply part of the mechanical system they use. (Also because it is more mechanical than LTBH there is typically less emotion involved.)
It might be a poor choice of words but I only care about the SP. I don't care or am particularly interested in the company. The reason being its the current SP whenever I decide to buy or sell that will determine the profit or loss I make.
The merits (or not) of the company won't put an extra dime in my pocket on the day, so why get involved and distracted by that?)
So, right now strong day close but starting to look toppy and I expect little appreciation if any, before a drop back to mid 60's even 63p to make way for another move up to the mid late 70's and on to the mid 80's. (but a lot can happen before then! :0))