Good example of a bearish engulfing pattern:


dl.dropboxusercontent.com/u/4899609/abgl100314.png

Another one from the interesting chart section, very close to the bottom of the price channel line so one to keep an eye on.

Closed this am @ 189

Bullish Engulfing Candle
Long @ 176.29 on Friday

SL @ 161
This is in a strong downtrend & I don't normally try catch falling knives or try to catch a bottom but this is exceptional & its only a short term trade.

Thats an intresting flashbag...No idea remo how come update got the charts, but there are few companies which listed on AIM, i dont see any past history which is true....let mw findout tomorrow from updata and ask how come they have got the charting data....

Cheers
Ram

This explains why the charts are valid from 2010. Thats when it floated on the LSE
Still bugged how updata could have prices from way before if it was not listed??????
A mystery in the making


This is from wikipedia so cant guarantee the information

The business was established as a unit of Barrick Gold when that company started mining in Tanzania in 2000.[2] Barrick's involvement in Tanzania had begun the previous year, when the company purchased the Bulyanhulu property as part of its acquisition of Sutton Resources Ltd. Barrick then acquired Buzwagi and Tulawaka as part of its acquisition of Pangea Goldfields Inc. in 2000. Finally, in 2006, Barrick acquired North Mara, when it took over Placer Dome.[3] The company was floated off by Barrick Gold and first listed on the London Stock Exchange in 2010

same here Remo - google and IG both go back to 2010 only

Remo - looks like i'm in the same boat as you lol, i cant see any date pre 2010.

Hi ramu

im really confused now....I did not realize African barrack went back that far in history.
My chart will only load data from 2010 for this share but your chart loads a lot further.
so you should be able to do supports then...Strange why my charts dont go that far????
is anyone else having the same problem with there charts?????

Candlestick Chart Weekly



Monthly...


To me it may go to 200 minimum....and P&F might tell something at that time....

Cheers
Ram

On P&F..target already met on daily...let me check lower time frames...



This might retrace to 238 or so but looking at the candlestick this is driving furthur low...


when everything fails, wait for a reversal and I dont see it either on daily or 60 min.

cheers
Ram

idiodyssey wrote:
Hi idiodyssey
There is no known support for this as its in no mans terrortory. IE its not traded this low before.
I think waverider and wave surfer have given a good guide. You could use point and figure targets as supports but it will be way to risky to use.Its also just broken out of the channel low(not the clearest of channels). Your best bit would be to wait for a 123 low formation to give you an idea of a possible low, any thing else would be just a gamble really. This is also in a clear down trend so going long on this is going against the bigger trend.

"I am no expert but there is a long way before investors will start to accumulate again. There is no signs that this is happening for now. So I dont agree with the III discussion board - i dont think they have a clue how low this can go."

Lol - i 100% agree with you on that WR, more downside on this one to go imo barring a miracle of some sorts.

HI there mate,

I believe Remo can provide a more decent analysis but thought I would share what i think.

I am no expert but there is a long way before investors will start to accumulate again. There is no signs that this is happening for now. So I dont agree with the III discussion board - i dont think they have a clue how low this can go.

My take is that we are close. I am open to a symmetrical pattern and this must be taken into account with other indicators such as RSI and MACD and the candles. 200 looks like a decent target (181 mentioned below also is close by)

So here it is:
dl.dropbox.com/u/4385922/ABG.png

looks like a straight ABC down.

623 - 302 = A

302 - 502 = B and @ .618 fib from 302

current C down, if we assume C=A then the target comes to approx 181.

here a quick approx chart:

dl.dropbox.com/u/40497882/AFB_weekly.JPG

Hi Remo

Where do you see support here? On the abg bb there are claims it as support but
They are consistently optimistic that this I'd the bottom it's difficult to take seriously
Without a chart.

see how this one has broken down since the support went This is what can happen when there is no supports below.

had a quick look at this also the other day and my view is down to 240/250....for now I'd be selling any dcb from the 300 area...a close below say 298-300 and it is "normally" another 15-20% fall when support breaks at the lows....intraday I see it has now indeed went below 298 and is bouncing back above 300....for me a close below 300/298 bearish and a close above 305ish may see a quick bounce....but with 20% downside risk and the typical dcb of 5-10% it is still very risky...

support...301.4 Theres no other support below this so bear that in mind.
resistance.341(gap),,369,,381,,444(gap)

yesterdays chart


Its at the best level to go long but if this level breaks then this can go a lot lower. Also the trend is down. This did bounce 10 points earlier but has since come back down so it looks like theres a battle going on and the bears are winning currently.
I personally would not take a long at this moment as theres a risk that it may break through and really go down.



Ive taken a short position on this now with a stop above yesterdays high.


DYOR