I'm new to this investing game (apologies if this thread is in the wrong place) and my obsessive compulsive brain just can't stop analysing charts (and doing maths and writing jungle lol).
Got about $1500 to start investing with just gotta wait for my commsec acc to open...
Anyways here's a chart (or should I say a stock) that looks quite interesting:
OK so I see a definate uptrend that has been cylcling for 3months. I've added horizontal lines where the troughs touch the (diagonal trend) support line to illustrate the price differences at those intervals on the gradient. Thus far the mean is about .875% per week in the support line.
So basically theres is a low early support line (or at least a price line which points toward the inclined true trending support line) in red at the very bottom (which i have made into a triangle for some reason... bloody vectors on the brain lol) and the three blue ones which do the same at the acending troughs.
Now, where the parralell trend support and resistance lines turn green this is where i expect the trend to (at least) reach ie where the upper 3 red horizontal lines, the lower 2 pointing towards my estimation of the ascending troughs and the top line being a kind of ceiling resistance point.
I havent come to these conclusions purely thru TA but FA also + the candles seem to indicate this trend should continue. (have also looked at the chart over its lifetime for a bit of perspective)
So anyway i see 4 possibilities:
5% increase over 10days (approx), 7% increase over 3wks, (the most likely results, at least one of them anyway), 9% over at least a month (much less likely) or finally a slight increase then a reversal or at least a sideways thingy (unlikely in the short term)
What do you lot reckon??? Im i completely off??? Any advice would be greatly appreciated!