MCR - Mincor Resources

[Boggo]

It's always hard to know when a stock will pull back and when it'll take off. If we knew then making money would be easy.

All we can do is to manage trades that has higher probability of going in our favour.

Just me thinking out loud...
Looking at the weekly that is not a pattern that I like, ie, a down bar after a significant upthrust with high volume. It is only Tuesday and the volume may pick up to last weeks level but I tend to look at these patterns as an opportunity that sellers are on to.
Today's overall sentiment may have had an influence too though.

Don't take this as any sort of prediction, just my thought process of a pattern that I avoid.

 

[aus_trader]

Just me thinking out loud...
Looking at the weekly that is not a pattern that I like, ie, a down bar after a significant upthrust with high volume. It is only Tuesday and the volume may pick up to last weeks level but I tend to look at these patterns as an opportunity that sellers are on to.
Today's overall sentiment may have had an influence too though.

Don't take this as any sort of prediction, just my thought process of a pattern that I avoid.

Thanks for your thoughts Boggo, I think you might be right and a bit more pull back may be in play here.

 

[sptrawler]

Just me thinking out loud...
Looking at the weekly that is not a pattern that I like, ie, a down bar after a significant upthrust with high volume. It is only Tuesday and the volume may pick up to last weeks level but I tend to look at these patterns as an opportunity that sellers are on to.
Today's overall sentiment may have had an influence too though.

Don't take this as any sort of prediction, just my thought process of a pattern that I avoid.

Hi Boggo, I too am not sure which way it will go in the near term, however they are to announce their start mining date in this quarter.
I haven't filled the position I hope to end up with, just bought an initial parcel at an entry price close to my exit price a bit of a one each way.
I do expect nickel to continue its march upward, as the LME stockpile is still very low and Indonesia has confirmed they will ban mining nickel next year. I looked at the chart, but as per usual I may as well be reading hieroglyphics.
I do appreciate your input, you have a knack of reading it correctly, thanks for your thoughts.

 

[tinhat]

It might find support at 0.59 which would keep it in an uptrend.

 

[sptrawler]

Just me thinking out loud...
Looking at the weekly that is not a pattern that I like, ie, a down bar after a significant upthrust with high volume. It is only Tuesday and the volume may pick up to last weeks level but I tend to look at these patterns as an opportunity that sellers are on to.
Today's overall sentiment may have had an influence too though.

Don't take this as any sort of prediction, just my thought process of a pattern that I avoid.

Looks as though you were spot on Boggo, hopefully the fall continues and I will have another bite.
Where do you feel the bottom will be? Tinhat suggests 59c may hold.

 

[Boggo]

Looks as though you were spot on Boggo, hopefully the fall continues and I will have another bite.
Where do you feel the bottom will be? Tinhat suggests 59c may hold.

Not sure really @sptrawler, will have a look in the morning at the latest data (have to go out to dinner in a minute).
With my post I wasn't really making a prediction but as you know instead of finding stocks that may run up you are better off recognising the ones that won't or may not (MCR being one of those just at the moment imo).

 

[rnr]

Hey SP,

This is my take on a possible outcome for MCR which is much the same as my last post (#373 on August 23rd) when I suggested you go easy on the whip. Hopefully a bounce upwards from around the 57-58¢ mark.
Looking back over the years there would seem to be reasonably good support in the 55-58¢ area.

 

[sptrawler]

Thanks guys, I am trying to get my head around charting, downloaded incredible charts, all I've got up until now is an incredible headache.

 

[aus_trader]

Thanks guys, I am trying to get my head around charting, downloaded incredible charts, all I've got up until now is an incredible headache.

Funny that, but in the end it's worth it to input the End-Of-Day data and have the charts displayed the way you want in the charting platform of your choice.

 

[Boggo]

Thanks guys, I am trying to get my head around charting, downloaded incredible charts, all I've got up until now is an incredible headache.

Not much to work on with MCR daily. @rnr has pretty much identified what there is in post #407 above.

@sptrawler what rnr and I are looking at is points of resistance on the way up can and often become points of support on the way down. There are many ways of interpreting what happened at those points on the way up but from a charting approach they can be of interest either as a stop level or a point of reversal/re-entry on the way down.

(click to expand)

 

[sptrawler]

Thanks Boggo, rnr and Tinhat, I am starting to use the charts and with the info on ASF it is making the learning process much easier, oh to be young again when the gray matter worked.
With regard MCR I will be holding for the longer term so it shouldn't matter too much, however I was looking at the MACD last night and I can see that my timing was terrible.
So thanks for the info and don't hesitate to tell me when I get it wrong.
Now to start on points of resistance.

 

[tinhat]

Not much to work on with MCR daily. @rnr has pretty much identified what there is in post #407 above.

@sptrawler what rnr and I are looking at is points of resistance on the way up can and often become points of support on the way down. There are many ways of interpreting what happened at those points on the way up but from a charting approach they can be of interest either as a stop level or a point of reversal/re-entry on the way down.

(click to expand)
View attachment 97375

Thanks Boggo, rnr and Tinhat, I am starting to use the charts and with the info on ASF it is making the learning process much easier, oh to be young again when the gray matter worked.
With regard MCR I will be holding for the longer term so it shouldn't matter too much, however I was looking at the MACD last night and I can see that my timing was terrible.
So thanks for the info and don't hesitate to tell me when I get it wrong.
Now to start on points of resistance.

When it comes to TA I would defer to Boggo (EW analysis) and many others here before myself as I am not a disciplined follower of TA (yet!).

As a TA ignoramus, may I suggest looking at price charts without looking at any other indicator, volume, or any study such as any MA, MACD, RSI etc. I like weekly charts because that suits my ability to give weight to analysis and buy/hold/sell decisions. Just looking at the price chart over time (sometimes going back over a few years) are there points where the price seems to hold then move one way or the other? Support/Resistance. At what point does resistance become support or vice-versa indicating a change in trend?

I would then suggest looking at price action in combination with volume as professed by Tech/A (The Duck) (VSA) but not necessarily worrying about his break-out trading style at first. My suggestion is to observe price and volume in terms of accumulation, distribution, up-trend, down-trend and failed break-outs, exhaustion of buyers or sellers.

 

[aus_trader]

When it comes to TA I would defer to Boggo (EW analysis) and many others here before myself as I am not a disciplined follower of TA (yet!).

As a TA ignoramus, may I suggest looking at price charts without looking at any other indicator, volume, or any study such as any MA, MACD, RSI etc. I like weekly charts because that suits my ability to give weight to analysis and buy/hold/sell decisions. Just looking at the price chart over time (sometimes going back over a few years) are there points where the price seems to hold then move one way or the other? Support/Resistance. At what point does resistance become support or vice-versa indicating a change in trend?

I would then suggest looking at price action in combination with volume as professed by Tech/A (The Duck) (VSA) but not necessarily worrying about his break-out trading style at first. My suggestion is to observe price and volume in terms of accumulation, distribution, up-trend, down-trend and failed break-outs, exhaustion of buyers or sellers.

I like your thinking tinhat. I am no technical guru either but what you have said applies to me. I like to look at price primarily then volume for additional evidence. All other indicators are derived from either price or volume, so have lesser priority/weight given to them.

 

[aus_trader]

After waiting for a long time reading all of the fellow ASF member comments, decided to buy some shares for my spec portfolio. Details of the purchase are in Speculative Stock Portfolio.

 

[sptrawler]

After waiting for a long time reading all of the fellow ASF member comments, decided to buy some shares for my spec portfolio. Details of the purchase are in Speculative Stock Portfolio.

That's brave, you do know I hold, so that has already put the mockers on it.

 

[Boggo]

Follow on from post #410 above...

It has hit a support level on the daily chart.
For my "eyeball test" to keep me interested I like to see any reversal reach the high or low of the third most recent bar.
No proven reason or test for that view but a way of sometimes narrowing the field and in the case of MCR that would mean a run back up to 0.61 or higher.
Just my

(click to expand)

 

[tech/a]

[QUOTE="tinhat, post: 1040101, member: 26249]

I would then suggest looking at price action in combination with volume as professed by Tech/A (The Duck) (VSA) but not necessarily worrying about his break-out trading style at first. My suggestion is to observe price and volume in terms of accumulation, distribution, up-trend, down-trend and failed break-outs, exhaustion of buyers or sellers.[/QUOTE]


Agree re VSA

 

[rnr]

Would agree with @Boggo that MCR is at the upper level of support and just above the the 57.2¢ level where wave a = (a potential) end of wave c.
Volume has continued to drop since the high of September 2nd.
Hopefully price will bounce from here and take out the recent high of 73.5¢

 

[aus_trader]

That's brave, you do know I hold, so that has already put the mockers on it.

Yes, I waited for the price to get to those support levels suggested by the members with better charting skills than us.

 

[Boggo]

Yes, I waited for the price to get to those support levels suggested by the members with better charting skills than us.

I'm a bit cautious at support levels @aus_trader, initially there needs to be signs of indecision and then I need to see a positive indication of a turnaround and to get that you need to be prepared to give up a few cents (the 61c level on MCR would be my "eyeball" guide - see the TLS thread where there are similarities at support).
As Radge would say "don't be a dick for a tick". Just my