AMC - Amur Minerals

I've not looked at this one for ages but it cropped up during chat this week so I had a quick look and it look's interesting. Here's the daily chart:



dl.dropboxusercontent.com/u/20815047/FTS...AMCdaily07_12_13.png

It seems to be (reluctantly) bouncing off the 5.45p gap and price support (it made a 5.25p low so stops need to be below that) but it's the weekly chart that looks more interesting:



dl.dropboxusercontent.com/u/20815047/FTS...MCweekly07_12_13.png

Nice doji at support followed by a hammer. Still plenty of time so I'm not entering this yet. There's the short term downtrend resistance at 6.5p and I'd like to see a higher low after a bounce off that and then take a 123-low entry which should also be a trendline break. One to watch though, even if it is an AIM minnow.

And on that last note, AIM has been nothing short of disastrous for investors for the last three years, but it can be OK to trade as long as we stick to only the most important levels, apply wise stops and take profit when it's on the table. Main markets have been flying for over a year but AIM hasn't done anything on the whole. There must be a message in that somewhere!!

Hi LTV,

With shares you're right - once the 61 Fib goes then it's often a full retrace. Sometimes the 78.6 Fib holds them which we see often in FX markets.

What worries me about AMC's chart is the form of the move from 4.3p to 11.5p. It looks to be a clear 3 wave move followed by a drop back below the initial high and, at 11.5p, I remember it missed its target by some way.

This doesn't automatically mean that it's going lower but they are warning signs for me. I'd only cnsider a long here on a break of that downtrend (top of your triangle) or on a close above 11.5p. I don't see it as a triangle but I do agree that that 6.6p level needs to hold.

Just my view.

AMC seems to be stuck in a triangle.

dl.dropboxusercontent.com/u/21384991/amc.png

A question for the fib experts?

If AMC breaks 7, does that then open up 4.3? 100% fib reversal.

Most penny shares when they break the 61.8% seem to fall harder and complete the fib move, Or can the horizontal support at 6.6 or 6 hold it?

Many thanks in advance.

Syrian, being so close to Oct/Nov with only verbal agreements, i am starting to believe (with chart appearing to be breaking down) that the license may be next year? Apr i think?

I also tried to sell out when offered 10.86 - but volatility through out the order!
So looks like I might be left holding this one until November when/if licence granted or on a spike when JORC updated hopefully in June.

I guess these lessons have to be learnt the hard way!!

This sure has been one crazy ride all right! I managed to bail some out at 11.25p a few days ago and the rest at 10.86p this morning when it cam out of the first intraday auction. Very lucky.

At one stage this had an 18.75% spread!

I'm off now to get some beta blockers! Lol!

hi syrian
sorry i just saw your post about AMC.
The problem with TA on penny shares is its not that reliable. Due to the volatility.
You could see how crazy this share was from todays move. The reason its this crazy is due to the lack of liquidity.
from a TA point of view.
This needs to stay above the 7.6 trend line. So as long as this is above that level the bulls still have a chance to push this higher.If that level fails then this could go towards the 6.6 area or lower.
This did move 20% +from the initial breakout so profits should have been taken.

The cup and handle formation is still in play but below 7.6 and it could be a false signal.

Theres not much more from a TA available on this share really.



Just bear in mind that with penny shares ,profits should be banked quicker.Also only ever bet a small amount on these types of trades if you plan to hold for long term. Penny shares have a habit of being too volatile .