Kevi's evening charts 28th Oct
Evening all,
As Al's is busy preparing for the traders expo this weekend, I thought I would get a few charts up tonight to attempt to fill the gap.
REE stocks bounced sharply today, and i'm sure a few of you were lucky enough to get on them early. Chart wise most need a confirmation day tomorrow, but they look rather good.
Arafura Resources (ARU)
Peak Resources (PEK)
Alkane Resources (ALK)
Good night all
Cheers
Kevi
2 comments:
Hi Kevi,
Just wondering on ARU,why you pinned the base of the Fib rack at that particular day.
It appears to be mid trend June to pivot high Oct. Does happen to be one of the pullback lows within the trend but not even the last HL before the high.
I agree it does "fit" when you pin the base as you have but unless there is some valid reason, I am thinking you may be attempting to fit your template to the price action rather than it actually having any significance.
Please accept this as a TA discussion and is not a personal attack on you or your trading style/methods.
Thanks for sharing your thoughts.
Cheers, Mistagear
Hey Mistagear
Thanks for commenting. I'm sure Kevi will add his 20c worth, but I thought I'd give my take on his ARU chart.
I actually ran my Fibs from exactly the same bottom as K did. For me that 21/2 Sept low seems to be the most significant near term bottom, and the last time it breached the 10 day EMA line. It also correlated with the res from 6-9 Sept which for me added significance.
I agree that for a longer term view you could arguably go back to the mid June lows... interestingly if you draw the Fibs to there the bounce kicks in almost right on the 68% Fib.
Always good to hear another trader's opinion on a chart, thanks again for your input!
Alan
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