CNX

[N.M.Mer.]

Arty and Hungry,

 

This is most interesting for me, thank you.

 

Hungry "Charts do not lie, but people do. Even important so called trustworthy ones ". I don't say that charts lie, in fact they tell only the truth - about the past. Its the future I have a problem with.

 

I believe they are great for forecasting trends in markets, the performance of sectors and individual companies.

 

However most charting sounds like astrology to me:

If Venus aligns with Mars on Tuesday and a pigeon fails to flies backwards in Balmain on Wednesday, then there could be a rise through say $20.00. But if nobody sights the pigeon, we must assume that with the convergence of the planets there will be a fall in prices through 18 unless of course there is a bus strike, in which case, a bottom of 16 might not be out of the question. Any rise through $22.00 could test new highs and $30 is not out of the question.

 

I quote you here Arty (Sharescene 24-3-09):

"On the Weekly chart, pog is dropping back to the bottom of the channel. If the slide can be arrested at, say, $915, another bounce may be possible. And if, as mentioned earlier, the Fibonacci retracement stops at phi (61.8%) and can break the earlier High, a break towards $1200 is possibly on the cards."

 

"can be", "may be" , "is possibly on the cards".

 

Thank you both for your patience,

 

N.M.Mer.

[arty]

Honest admission, N.M.Mer:

However most charting sounds like astrology to me

I have a similar problem with funny assertions that a company "should be worth...", "is oversold", "will double in..."

When I state a T.A. opinion, I at least qualify under what condition I believe this or that target may come into play.

Seeing the often widely diverging valuations by so-called Fundamental Analysts, I'm inclined to give them a miss - especially when the explanations that come with it bear not the slightest semblance to reason, logic, even simple Maths.

 

But there is a simple solution for both of us: Let's admit what we don't understand and stop arguing.

[haspete]

Good Answer Arty.....

And Thanks to making the Charts Bigger for us Ole Folk.....lol

Cheers Pete..

[N.M.Mer.]

" But there is a simple solution for both of us: Let's admit what we don't understand and stop arguing "

 

Hi Arty,

 

OK, I don't understand, and I have stopped arguing.

 

Honestly, I admire you for your charting and your dedication to it. I do not have the intelligence to follow what you are saying, but I notice that many can and do - all those people cannot be wrong.

 

Once again, thank you for your explanation and your patience,

 

N.M.Mer.

[bochman]

 

Never argue in a forum, it is a never ending story

 

My personal point of view is, nothing can ever predict the future.

TA & FA both have their places in share market, but no matter how you look at it, either of them can predict anything.

All predictions are based on history, be it PE ratio, Moving Average, etc, just because it works previously doesn't mean that it will work in the future, it only means that it will most likely (probability wise) work, that's all.

 

DYOR, and discuss more with people in forum, share idea, then make your own judgement, that's the best way to go.

[auroraoz]

well my personal view is if you really understand the present and the past you will be pretty close to being able to imagine the future.

 

Goethe was said to foreknow the weather (amongst other things),

[N.M.Mer.]

auroraoz,

 

"Goethe was said to foreknow the weather (amongst other things),"

They have trouble doing that in this modern age of technology. He must have been a pretty smart guy - he didn't do that with charts did he ?

 

"well my personal view is if you really understand the present and the past you will be pretty close to being able to imagine the future."

So true.

 

Cheers,

 

N.M.Mer.

[nash]

im trying to buy more if it comes down a bit

but it goes up just as fast i missed out on .39 today

keep trying i think cnx wil reach into 80c me thinks

good luck to holders

[bringiton]

I think it was arty that mentioned a while back he was waiting for the price to close above the November high. Well, it did that today. November high peak tail was 44c, today we closed at 45c, so CNX still looking bullish in my view. Best of luck!

[arty]

Thanks, Bringiton

 

With one recent resistance out of the way, we're now looking at the 44c from last November.

Encouraging to see, today's Close held already 1c above that mark.

 

While either of the two gaps overhead may still offer some resistance, I share your and Nash's Bullish sentiment and have widened my stop loss tolerance accordingly. Once (if) those two gaps are closed, I see 70-72c as a likely consolidation zone.

Of course, I wouldn't object to a return to the levels of last June.