Trading with point and figure

dentist007 said:
DOW

2hzil4g.png
Click to expand...
posted on Friday at 8am
 
Atilla
Carillion
saw your post
what was the reason for the tank.?
the gap is poss important..no trading took place between 135 and 195
that should be the first rez area.ie 135
75 is the low
minor supp came in at 100...should be rez
decent supp came in at 120..that should be decent rez
 
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there is just no sign of supp on 5 min bars...today

80-85 is first rez area.see where bounce lands if it tests that

there is no easy way of catching a falling knife...you just have to get your hands dirty and examine the bounces off rez
no guarntees
imho

80-85 first rez
100 /round after
then 120
 
Last edited:
dentist007 said:
Atilla
Carillion
saw your post
what was the reason for the tank.?
the gap is poss important..no trading took place between 135 and 195
that should be the first rez area.ie 135
75 is the low
minor supp came in at 100...should be rez
decent supp came in at 120..that should be decent rez
Click to expand...


Thanks for that Dentist. :) I did think of asking you but as I haven't been posting here I felt a little embarrassed at taking liberties so to speak. I do appreciate your pov.

Reasons are fundamental to do with a few big projects having issues, dividend cut to save money, cost overruns and CEO resigned yesterday.

I haven't dug too deep but often with these rapid bad news announcements markets over react. Another friend has highlighted it to me and I was just looking to see if there's value and quick money to be made going in at market over reaction levels... I appreciate it's risky but company is not beyond salvation.


The 70s is interesting as some other broker estimated that might be the landing zone before pull back.

I'm guessing restructuring will entail some form of money raising otherwise it's looking bleak.

Anything below 70s in the 60s and stay well clear imo. So will watch tomorrow for a bounce and if it looks like 70s holding I may have a little punt with tight stops around 68p.


(y)
 
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