Re: Is the bottom in?...charting
posted on
Feb 17, 2008 05:14PM
You made move so and so, got there using charts, fine. I made similar moves without them, that does not prove one or the other. I just think that I received a better indicator and sooner but perhaps not in as convincing a fashion.
My premise is that knowing the fundamentals and what moves a company or a market is an order of magnitude better than any charting. It is like religion, you believe in charts, I do not. Sure I look at them and use them on a very short term basis but it is the politics and economics that are the movers for me and am a zelot when it come to them.
$15 share price in July from charts? I doubt that they say so. The underlying potential resource and the company decision to prove up most of that potential is what says so, not any chart. Not that I think it will be at that price by that time. I think it will still be under $10 and 3 to 5 is much more realistic. The general market will have to turn around before it gets any where close to 10$, and I do not see that happening just yet, not even from a chart.
Each to his own, good luck to all you chartists, if you are right I still win, lol.