Metallica
Posted: Fri Jan 06, 2023 10:30 pm
Great band but this thread is about Metalla Royalty & Streaming. Its EB Tuckers firm.
This is interesting for a few reasons. And for fairness it should be noted that there was Director buys. EB bought more stock on this. But the pattern was there prior. Did he buy because of the pattern? Or because he believes in his company? Most likely the latter. Either way, the pattern shows an over extension in that move to below what was value both in the reaction since and EBs buy.
Secondly, It hit the Covid 886 Fib measurement. That is also significant when it comes to flushing out the sellers... which was a 35% move to downside before a strong move to upside... 70% And Target 1 hit.
So, what next? We have pulled back to trend line and appear to have stabilised and are now having a go at breaking that 'bull' flag, if it is one. Was the pullback (to XA) far enough to constitute a Type 2 Reversal, well not on the button but close, 12c short. It did however pull back to a demand area between XA and BC and BC could be valuable here. Not all patterns/charts are perfect, right. Watching closely, especially for a retest and confirmation.
This is interesting for a few reasons. And for fairness it should be noted that there was Director buys. EB bought more stock on this. But the pattern was there prior. Did he buy because of the pattern? Or because he believes in his company? Most likely the latter. Either way, the pattern shows an over extension in that move to below what was value both in the reaction since and EBs buy.
Secondly, It hit the Covid 886 Fib measurement. That is also significant when it comes to flushing out the sellers... which was a 35% move to downside before a strong move to upside... 70% And Target 1 hit.
So, what next? We have pulled back to trend line and appear to have stabilised and are now having a go at breaking that 'bull' flag, if it is one. Was the pullback (to XA) far enough to constitute a Type 2 Reversal, well not on the button but close, 12c short. It did however pull back to a demand area between XA and BC and BC could be valuable here. Not all patterns/charts are perfect, right. Watching closely, especially for a retest and confirmation.