See this is where the vast difference in trading styles are.
I have no idea who is buying and selling ---Dont care. I dont guess or speculate I anticipate. but for me to anticipate i need to clearly see a change of momentum.
Cant see that.
A change well maybe maybe not which brings me to---
A break of 21.5c for a start.
Id prefer to see the break as decisive and well above average volume and following through to do the same at 24c
Then youd have my attention.
Till then this is stuck 18c to 24c.
Sure you can make great $$s at 18c buy sell 24c if it does that.
Lets see how it reacts at these resistance levels.
Would want to see gold continuing up as well because if it comes off so will this!
Tech/a, I agree that your trading style is vastly different to mine. I have stated so many times that I don't have much knowledge of charting, other than to be aware of what chartists are thinking so I can develop my view of what traders using that as a basis for their own trading. But in fact since I watch the screen most days on and off unless I fall asleep (lol) I do notice the patterns of the various trading activities that are employed for RED. And whilst you don't give a damn about who is trading, as you state, I do as it tells me whether a major player seems to be buying or selling - and I will give you an example:
I have consistently bought RED over the years, now I have quite an accumulation. There are times over the years when I bought at a considerable premium to the share price of the following weeks when I have bought up shares only to find out someone substantial has been dumping. In latter times I have been more aware of who is exiting - for instance when Matthews was dumping a few months back he enabled me to buy more when it retraced all the way back to 12.0 cents (but I was buying at 14.0 cents a little earlier). So while I know Matthews has been selling recently I was not prepared to buy more shares while he was dumping, who knows how low he was prepared to take it down.
Now from your technical analysis, maybe a good chartist can convert that into charting information, without the need to know the exact reasons for it going down, but for my purpose I am more comfortable with knowing the seller (or the buyer), if its possible. And of course you can't be confirmed on my interpretation on anyone who is not a substantial shareholder (and Matthews has proved to be very poor at putting in substantial shareholder notice variations, its lucky that RED does publish them at the base of most announcements!).
And whilst you are happy with your trading style then I'm also happy with my investing style too. I took your comment as RED having similar trading patterns to PEN as a generalisation that proved you didn't really know much about the company, and for your trading maybe you don't need to know it, but for my investing style I do need to know, and I am very comforted that RED has got a fundamental valuation north of the mid 30's, it just depends on how high you want to apply the following years gold prices to get a better idea. Petra Capital at 37 cents is an indication of their view on gold price.
AND by the word valuation, I am basing it on value as determined from a cash flow forecast using ore reserve information. For the uninformed, its the best way to determine an NPV for a company in production, and for any company that NPV tends to be an underpinning value as most successful lower cost, longer life operations tend to trade at a considerable premium to that underlying value.
I just want to see how RED goes once it announces it is ramping up its gold production in line with the production schedule in the coming months (of course AFTER the commissioning and first gold pour).