SXX - Jackozy

Hi Jackozy,

Probably you still remember the TA of SXX you talked with me and the chart Pennant you plotted at the beginning of Feb. That time sp was in range 28-29p.

By the sp consolidation, it went down to 25p. Then, recent two days, sink to 22p, back to 24p.

How do you view this TA applicability? I think it is applicable to normal market condition and normal company situation (no big good or bad news). Once it has some rumour or a bit uncertainty, the sp just plunges. I wish I buy any share only when it plunges. SXX or other AIM shares have a lot uncertainty. So sp sink event/s would appear. Can I wait? I don't know. On another side, I think sp should goes up in long term as this SXX potash project will go forward.

I read your post on GKP that you are coming in later March. Will you still be in UK on 6 April? I will go for Manchester meeting. If you are there, I would like to meet you.

on greenhill

On Greenhill I'm about the same as you - both have potential but both are dogged by their potential outcomes - no guarantees that either will come good Two strange items - gkp - why did two director sell shares? @ 189.50 -sxx why send out all those letters to get share holders to sign up to support the application , didn't like the propect of more delays either Sorry all For speaking fundimentlly - would like to see it from technical point of view support/ resistance thank you best regards Tej

Hi OG & Tj,

Yes, I remember the TA back then and was a little surprised that a usually fairly reliable pattern (the ascending triangle) broke down but that's TA for you - nothing is ever 100%, it's just probabilities

I was waiting for re-entry at 19.5p but not sure that'll come now as 20.5p was bought heavily on Friday. No worries, there's still the gap resistance to overcome and the 30p resistance too so plenty of time to get back in IMHO and there's always the possibility of a minor market correction to consider.

The chart does make for interesting viewing when you look back far enough though:



dl.dropbox.com/u/20815047/SXXdaily17_03_13.gif

This has the making of a huge cup with a possible handle to follow. It's remarkably symmetrical. Key for me will be what happens at RSI resistance. Friday;s low also formed a bullish divergence so I'll be looking to see if the RSI can break through the shorter term downtrend. If it can then that would suggest a continued move up IMHO but I'd still like to get my 19.5p

Either way, it's not a buy for me at 24p. It needs to either break resistance or drop further before I'll be interested again.

Finally, to answer your question, OG, no, I won't still be in the UK on 6th April as I fly back on the 2nd. Thanks, though. It would have been good to meet you and others at the Manchester shindig but sadly I can't.

All the best.

Hi Jackozy,

Appreciated your yesterday post, your reply. As you know I am slow learner, so I still ask your favour for enlightening me. Meanly I try to understand your TA and learn something.

1) gap resistance. I checked with my ADVFN, is it the gap between 26.535p and 28.2117p. If the sp is over 28.2117p, you recognise that gap resistance gone.

2) Friday’s low also formed a bullish divergence. Pls see my draw of 15 minutes chart


uk.advfn.com/p.php?pid=chartscreenshotsh...Gwgt+&symbol=L%5ESXX

The red line over RSI 14, the one on right is the trend line for low RSI in past a few days, now it is now up, you call it as low RSI also formed a bullish divergence, right or other meaning?

3) “I'll be looking to see if the RSI can break through the shorter term downtrend.”, which line, the high RSI line, or low RSI line, or channel, and which chart, 15 minutes, 1 hour, 1 day?

This morning, sp went down to 22.5p. I guess that you would like sp down to 19.5p.

I know you may be busy. No worry, when you are a bit free.

og

Hi OG,

I use the closing price for gaps which I have at 28.75p so if the SP closes above that then the gap resistance has gone or been weakened imho.

Re the bullish RSI divergence, it's shown on the daily chart I posted. I'm afraid that what you've drawn is not a bullish divergence. I'd also be wary of using such short term charts on an AIM stock - they're not very reliable.

The RSI downtrend I refer to is also the steeper one on my chart. It forms from a bearish divergence and that's an important factor in using RSI for me.

There's still a chance of 19.5p so I'm sitting and waiting to see what happens.

Cheers!

Hi Jackozy,

In your RSI chart, the highest line declines (bearish div) and the the lowest line ascents (bullish div). Will you buy the bearish div disappear, and bullish div continue? Or will you buy as the sp hit the lowest target 19.5p?

Try to learn from a trader. Can I? I will never be a trader, but for my long entering point in future, I just want to do right thing.

og