How's your double top looking now...?
Maybe you called it a bit early, but then prediction is indeed very difficult, especially about the future... ;-)
Printable View
TA is only useful to predict behavior in the absence of real information. The analysis might not have been wrong in a blinkered scenario, without the reporting it may have been the correct call
]
Understandable response from someone who knows nothing about TA. No offense intended, but ATM is and has been a TA's dream stock. Not perfectly predictable but very close to perfect. Simple stuff, trendlines, breakouts, standard indicators, it's screamed basic TA for ages. Still does.
Has any scientific research been conducted on the efficacy of TA? I have never seen any but would be keen to give a few papers a read if they exist.
Prior to information being provided via announcements Tealeaf Analysis is useful because with no new company information to go on, all you can do is make educated guesses or read market analysis through trades. Once you have actual information, you are better positioned to apply a valuation on the business and should no longer be basing your valuation on previously uninformed trades because that would be the action of a moron, no offense intended.
I use basic TA, with a bit of FA and input from my gutometer, and of course I am not always right - I wouldn't be on this board if I were...
I also saw the two peaks etc, but I interpreted it as a third attempt at breaching the top was on the cards. Amongst my considerations were the ASX chart where the tops were less prominent, the impending results announcement and the massive short interest, which would surely be squeezed if the results were good - which they were... 😁
Of course, if the results had disappointed, you would have had your double top...