Yeah ...look at it and see what you want to see eh.
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Sorry your honour ... should have said something like ‘BP said it looks “like an unbroken downtrend” (quote) And I agree with that view’ .....and then state what my interpretation of a downtrend is without ascribing that knowledge to you.
Please accept my apologies.
Triggered a few short term buy signals, as it tested the gap resistance level this morning but there wasn't enough buyer momentum to break through..this created a bear signal which at this moment is being played out by a sudden drop (started just minutes before the Ozzie opening).
The result is a failed first attempt to breakthrough the first resistance level.
Disc: On my watchlist
The price action largely looked like short covering as stops were hit so I wouldn't trust this rally. I shorted heavily into yesterdays gap up.
Looking bigger picture this is still a potential weekly bear flag and we are just looking for a weekly lower high. Whilst I day trade this heavily, I will not be making any swing entry until an update from the company removes uncertainty. The risk of downside gaps on this is just too big.
Technically speaking, for me anyway, the medium term downtrend will end if we get a weekly trend change and a break above the weekly 12EMA. Would just be looking to sell on a monthly lower high though as long term downtrend (monthly) would still be in place... multi timeframe analysis is crucial.
Please help us new bees. What is the first resistance level currently that you see.
Also how do you see and calculate where the resistance levels , gap resistance etc is to know where buy signals are.
Stupidly bought way over our means when the SP was almost at its last peak then just saw our savings wither away to almost 70% gone :(
Any advice on how to try to recover some back off this is much appreciate.
Thanks heaps in advance.
Please accept my condolences for your loss. I recon most of us went through a similar experience one time or another - my biggest loss was when I was holding CBL shares (roughly 10% of my NZ share portfolio) and the company got shut down by the FMA. Apparently some crooks on board. 100% of my CBL investment gone, but who knows - the courts might return some day some cents in the dollar.
Just mentioning that to show you that the investment game is inherently dangerous, never a good idea to put all eggs in one basket.
Where to go from here? I don't want to discourage you, but it is hard to make money with trading, even if you understand your trade. So - if you want to get some of your money back with trading ... good luck, but I recommend you first learn more than just how to establish the first resistance level.
If you want to make money with investing - this is easier, but you should not put your expectations too high. I am targeting for my investments a long term average of 8% (after tax) using a quite diversified portfolio - including some hedges (which hold the earnings back in good years, but protect them in bad years). So far I reached my long term targets (despite losses like CBL, which I have fully written off - s. above). Obviously - it would take this way many years to recover a 70% loss like the one you are describing. Ouch.
If I would be you I probably would first take my remaining money out of A2. Sure - they might go up again, but than they might not. Something like playing in the casino, not good to do with money you can't afford to (or don't want to) lose. Will they reach their previous hype driven heights? I doubt it.
Pick a diversified portfolio out of solid companies with good boards (no, not A2 ;) ): and watch them growing. Want to find these solid companies? That's the ones who have proven over time that they can make money, they are typically less discussed in these forums and normally (over long periods of time) considered to be too dear. Easy to find :):
Tmall repurchase rankings over 618(so far).
Aptamil ~42,000 cans(single can)
A2 ~18,000 boxes(6 cans per box)
Attachment 12612Attachment 12613
This is now a “fat pitch” disc buying