CHN - Chalice Mining

[finicky]

Might be interesting for Chalice watchers next week (@Joules MM1 )?
Gap filled today on an indecisive candle so far but my expectation overturned yesterday when it closed strongly above 7.00. An imprecise downtrend line has been broken today but everything is on low volume. Looking to next week for confirmation or reversal.

Daily

 

[Joules MM1]

Might be interesting for Chalice watchers next week (@Joules MM1 )?
Gap filled today on an indecisive candle so far but my expectation overturned yesterday when it closed strongly above 7.00. An imprecise downtrend line has been broken today but everything is on low volume. Looking to next week for confirmation or reversal.

Daily
View attachment 128162

end of month gyrations with institutions i suspect, next two days probably a netter insight longer term, but more likely a wide range over next few months

 

[finicky]

End of month. That hadn't occurred to me and I guess might have more significance now that CHN has been included in the S&P/ASX200 since June.

 

[Joules MM1]

12th high grade
todays bar (most likely tomorrows too) will reveal the health of the prior uptrend, still intact or more distribution

does the news get sold ?

 

[finicky]

"12th high grade", I couldn't decide whether it was an obscure assessment of my market knowledge or another enigmatic shorthand t/a term, then I saw the announcement. Yes, good point, selling of the 'news' could be an indicator, certainly not relying on today's early jump.
“Everything should be made as simple as possible, but no simpler” Albert. E.

 

[finicky]

I was close to capitulating the short term outlook yesterday but thought I would wait at least another day for some confirmation. Instead a glimmer of hope is renewed but back to gloom again if the advance is undone in the afternoon like yesterday.

The price is outside the downtrend today and the 'stop and reverse' SAR indicator has made a first dot below the price. That indicator would have been good to take onboard when the correction began to unfold.

Some technical analysts believe that the Parabolic SAR provides excellent exit points. They use this indicator to close long positions when the price falls below the SAR and close short positions when the price rises above the SAR.

 

[Sean K]

The price is outside the downtrend today and the 'stop and reverse' SAR indicator has made a first dot below the price. That indicator would have been good to take onboard when the correction began to unfold.

Is that the red dot down at 6.25? I haven't used that before. Is it the same as the three little dots at 6.364 on this chart?

 

[finicky]

Yes same, don't know why mine's only got one dot so far. Your charting seems more sensitive looking at what happened at CHN's top re the SAR indicator.

 

[Joules MM1]

Chart Image

www.tradingview.com

#observation

proviso, having not observed many double taps in equities, mostly in commods, so just an observation

...the difference between being bought up or being marked up, this may be a critical point to watch for

 

[finicky]

Thanks for your detailed chart annotation @Joules MM1

 

[frugal.rock]

Yes same, don't know why mine's only got one dot so far. Your charting seems more sensitive looking at what happened at CHN's top re the SAR indicator.

I would think the answer is in the "sensitive" comment.

As with most indicators, there are variable, and changeable default parameters,
eg; high, low, open, close etc, and possibly? most pertinent in this case, is the days or timeframe used, for the indicator, not the chart.

The SAR or PSAR is one of my favourite indicators fwiw.

Good luck out there chaps.

 

[Joules MM1]

#observation https://www.tradingview.com/x/q3mrXtfR/

 

[finicky]

Peeled off another 5% (approx) @ 7.02
My concern is that a CHN price recovery after this correction might crash into a massive general market bust, although two of my fave signalers are still expecting a much higher market first (David Hunter, Greg Mannarino). It takes a lot of pain out of a crash to have some cash to invest into bargains, also not being forced to sell at crashed prices for normal cash needs.

 

[Sean K]

Peeled off another 5% (approx) @ 7.02
My concern is that a CHN price recovery after this correction might crash into a massive general market bust, although two of my fave signalers are still expecting a much higher market first (David Hunter, Greg Mannarino). It takes a lot of pain out of a crash to have some cash to invest into bargains, also not being forced to sell at crashed prices for normal cash needs.

Stop talking about crashes finicky, you might make me sell something.

A few more extra dots on the chart, does that mean anything more to you?

 

[Sean K]

Stop talking about crashes finicky, you might make me sell something.

A few more extra dots on the chart, does that mean anything more to you?

@finicky there's a new dot above the line! Signal of some sort? Doesn't that mean down or it's a lagging indicator and we don't know until it's over?

 

[Porper]

@finicky there's a new dot above the line! Signal of some sort? Doesn't that mean down or it's a lagging indicator and we don't know until it's over?

View attachment 128844

Looks like it's the SaR indicator. Yes in theory it's a bearish signal. It does provide a lot of false signals though. I am still looking for a move down to the target in my last chart between $4.70 - 3.70. It's the 50.0% - 61.8% retracement of the prior leg up. Textbook Elliott Wave patterns unfolding currently. Lets see if the minor area of support holds first.

 

[Porper]

Worst case, down to the target area. Best case is that the recent low holds and a triangle or flat pattern forms. Either way looks like a significant top is on.

Disclosure: I don't hold.

View attachment 127580

Nothing has changed on this chart...still looking for a move down to the target area. I'd be looking to buy at those lower levels.

 

[Sean K]

Looks like it's the SaR indicator. Yes in theory it's a bearish signal. It does provide a lot of false signals though. I am still looking for a move down to the target in my last chart between $4.70 - 3.70. It's the 50.0% - 61.8% retracement of the prior leg up. Textbook Elliott Wave patterns unfolding currently. Lets see if the minor area of support holds first.

That was about the major simple horizontal support line I saw back in June before it went up the lift. Not many stairs to stop on the way back down but has formed a couple now.

 

[Joules MM1]

... more likely a wide range over next few months

Chart Image

www.tradingview.com

breaking the channel is good start, taking out the 7.59 a better indication of a large(r) consolidation
snapping 6.12 would bring a flood of get-outs

 

[Sean K]

A bottom at $6.00? Support at $7.00, will it respect diagonal support on way back up? Looks positive.