Australian (ASX) Stock Market Forum

CHN - Chalice Mining

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kennas said:
It's heading into dangerous territory for punters getting in now IMO. $3.2b mc @ $9.

Tim Goyder the Chair who owns 11% is doing OK out of it. Nice work if you can get it.



Keep riding all you like TC, must have been great to get into this early. Not sure about ceilings but $3.2b mc without an MRE means everyone is guessing imo.

The inevitable correction/profit taking will be interesting because there's no major technical support on the way back down until around the $4.80 mark. Not downramping, just pointing out the chart. But, you don't have to believe in simple TA.

View attachment 125391
Click to expand...
I'm in agreement with you here on a TA support level @kennas if and when retraction/profit taking occurs which I feel may be sooner than later circa nearer to $10
See what the coming weeks produces...
 
This thing is STILL mooning.

I'm kind of tempted to top up now. Am I playing with fire at this point. Hmm...
 
S&P/ASX 200 Index – Effective Prior to the Open on June 21, 2021

Action ..... Code .... Company
Addition ... CHN .... Chalice Mining Limited
 
Pretty shocking drop in CHN today - possibly anticipating the inclusion into the ASX200? Possibly exacerbated by the approaching end of financial year? Then there'd have to be a heavy load of trailing stop losses by now, surely. Feels like 'the system' at work, lol. Actually not funny if it is shaking out us lil guys.
 
finicky said:
Pretty shocking drop in CHN today - possibly anticipating the inclusion into the ASX200? Possibly exacerbated by the approaching end of financial year? Then there'd have to be a heavy load of trailing stop losses by now, surely. Feels like 'the system' at work, lol. Actually not funny if it is shaking out us lil guys.
Click to expand...

Had to have a break at some point. MC over $3b on drilling and potential... Maybe a chance for punters to get in or top up once it settles down.
 
Excuse me wtf is going on?

1325134515436.jpg


Have you asked for your old job back yet hillman? :p
 
I am clueless as to the mechanisms of index inclusion but would never have predicted a violent reduction in s.p, not only leading up to, but additionally the day of inclusion (which is today I believe). A growing burden of stop loss orders would have to be involved I assume.

Anyway not meaning to add one bit to anyone's alarm but the monthly candle is looking pretty ominous. Today's change is not showing yet but the candle is shaping up as a high volume 'bearish engulfing' one - still 7 more trading days to complete the monthly picture. Of course this highly active company can come up with dramatic news on any day, which the chart cannot foreshadow. I don't find myself worrying, although I woke with a start one night last week fretting that I am complacently ignoring warnings once again.

Monthly (today not showing)
big - 2021-06-21T151028.564.gif
 
finicky said:
Anyway not meaning to add one bit to anyone's alarm but the monthly candle is looking pretty ominous. Today's change is not showing yet but the candle is shaping up as a high volume 'bearish engulfing' one - still 7 more trading days to complete the monthly picture. Of course this highly active company can come up with dramatic news on any day, which the chart cannot foreshadow. I don't find myself worrying, although I woke with a start one night last week fretting that I am complacently ignoring warnings once again.
Click to expand...

The problem with going up in an elevator is that there's no logical steps to sit on on the way back down. There's a couple of little ones between 6.00 and 6.60, but after that it's back in the lift. I echo your comments and intention with using NST as an analogy. CHN is sitting on some serious dirt and will be a significant deposit/mine in the future. A MC of $3b might be insignificant down the track.
 
Good news for CHN holders is that 6.60 ish has been respected which provides you with some cover if there's another bought of profit taking. Still have major support way lower, but looks positive at the moment. Having said that, long term holders are probably expecting a $10b MC on this baby, although no one has been able to justify any MC at all that I've seen.

Screen Shot 2021-06-25 at 11.04.54 am.png
 
Goldman bought 5% on June 25th.
Price has dropped since, but if it’s good enough for Goldman it’s good enough for me in the July ASF tipping contest.
Gunnerguy
 

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