This is a mobile optimized page that loads fast, if you want to load the real page, click this text.

PET - Phoslock Environmental Technologies

Jump to new
debtfree said:
Thanks @IvoryWolf for the video clip, your time and views, it's much appreciated. Yes time will tell as always and if it's bad, I'll just hide my line in the Comp Chart .
Click to expand...
You're most welcome @debtfree - don't feel bad, we can all make bad calls, your call this month can't be as bad as my own current one in the competition at our own Facebook page - AFRM from the Nasdaq... terrible timing! These things happen at times. At least I hadn't put my own money into a trade!
 
I do have some concerns about charting techniques that ignore time. Ignoring time can mean you miss out on significant events in the corporate history that did have an effect on the share price. PET provides a good example of this. Trading in PET shares was suspended for two years (Sept 20 - Sept 22) while the company sorted through the ramifications of internal fraud and mismanagement.

P&F charts don't show this and other charting techniques that ignore time won't show it either. Does this really matter? I say yes, because if you were a shareholder waiting two years for the suspension to end, it matters. In this example of PET, there was no consolidation of shares or massive capital reconstruction done before the resumption of trading. If there had been, then all the support/resistance levels prior to the suspension would be invalid now.



Recent support/resistance levels are relevant. But the only concern now for holders is the pending news. Will it be addressing past issues or future ones.
 
It's Good to Know you did not put any of your own money on PET

However, You have now Lost Me!

Anyone can throw darts
IMHO Putting EVEN a small amount money on the line CHANGES EVERYTHING

You will find very quickly In REAL LIFE that Paper Trading and Backtesting DON"T WORK

avagoodweekend and Bon Voyage
 

This is a very fair call @peter2 - thank you for your comment. Commentators do make mention that support and resistances from some time ago don't have much relevance, whilst others also do. There's a saying that if one person observe something on a chart, then many observers also do. At present, pressure does appear to have been applied to the share price around the 2.6c/2.7c level in the near term - whether this holds after the trading halt ceases will be interesting to see.
 

Apologies if I caused any confusion @Captain_Chaza - to clarify, the statement above was referring to AFRM on the Nasdaq as part of the competition that I administer on a Facebook group. Performing terribly this week and I'm glad that I hadn't purchased any shares in that company - very glad that I followed my gut-instinct there and was merely interested in tracking that one.

With respect to PET, I was considering purchasing shares in this company had the share price risen above the resistance area of 2.6/2.7c and closed above it. The close at 2.5c on Wednesday didn't satisfy my trading rules, and then we had the trading halt on Thursday morning.

P.S.: I fully agree with you about real-life trading, paper trading and back-testing since I'm an active trader of the markets - feel free to check out my weekly updates and personal disclosures on the Facebook group for transparency alongside the weekly scans that I make available.
 
Latest trading halt has turned into a suspension.


There's more in this announcement as they consider the future of the business.

Having an effective product that's needed in polluted waterways all over the world isn't enough.
 
peter2 said:
There's more in this announcement as they consider the future of the business.

Having an effective product that's needed in polluted waterways all over the world isn't enough.
Click to expand...
This bit in the announcement is rather an impediment for a reasonably quick resolution.

"6. Ongoing regulatory and Australian Federal Police investigations into matters relating to the previous mismanagement of the business have adversely impacted these discussions with third parties. There have not been any material developments in relation to these regulatory matters and investigations. It continues to be the case that the potential exposure to costs, penalties and other liabilities for the Company is significant; that the Company is engaged on a path in response to these matters; and that the likely timeframe for resolution of these matters is not currently capable of being determined, but is likely to be years, rather than months"
 
You must log in or register to reply here.
Menu
Log in
Register
Cookies are required to use this site. You must accept them to continue using the site. Learn more...