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Took awhile . However , it occurred and breached 10 cents as forecasted . Remain cautious in my opinion ........
HBK Bear Market Rally Terminated
The bear market rally in HBK.V appears to have come to an end at the twenty two and a half cent prior support area(November 20 2014) that has become resistance(January 2 2015) . The downtrend resumption is anticipated to potentially drive the share price below ten cents as mentioned in a prior posted comment .
UPDATE Technical Breakdown
HBK appears to be in the 4th within the 5th of the 5th today suggesting the possibility of a target around $0.10 or slightly below , in my opinion . Today's gap down and slide to $0.12 appears to be wave 3 in the 5th .
Technical Breakdown
Prior support has been breached due to a substantial material change concerning a delay until February 2015 .
In my opinion HBK shouldn't be far off the mark .The halt occurred in what I deem to be wave A in wave 4 . The gap down at trade resumption today was wave B in wave 4 . The $0.21 high pivot today is wave C completing wave 4 . That leaves us with wave 5 to complete with a potential target around $0.13 if $0.16 fails to hold . This solely reflects my opinion and does not constitute a recommendation . The share price could potentially decrease even lower based on a parabolic curve pattern .
Follow Stock website opinions at your peril
If it were that easy , everyone would follow them and they would be rich in the process ........ Good Luck
Descending Triangle Update
The triangle has confirmed per its breakdown on Thursday this week . It did in fact print the low .20's . In an earlier post of mine I had mentioned that its formation began July 31 . This is wrong . Its actual formation began on July 21 at the 38 cent top ,according to my interpretation .
Since the chart above is a chart from Stockcharts.com , I will use their definition to describe what sort of a target point could be anticipated concerning price .
Per the Stockcharts.com website , here below is each individual part of the pattern ,
The descending triangle is a bearish formation that usually forms during a downtrend as a continuation pattern. There are instances when descending triangles form as reversal patterns at the end of an uptrend, but they are typically continuation patterns. Regardless of where they form, descending triangles are bearish patterns that indicate distribution .
1-Trend: In order to qualify as a continuation pattern, an established trend should exist. However, because the descending triangle is definitely a bearish pattern, the length and duration of the current trend is not as important. The robustness of the formation is paramount.
2. Lower Horizontal Line: At least 2 reaction lows are required to form the lower horizontal line. The lows do not have to be exact, but should be within reasonable proximity of each other. There should be some distance separating the lows and a reaction high between them.
3. Upper Descending Trend Line: At least two reaction highs are required to form the upper descending trend line. These reaction highs should be successively lower and there should be some distance between the highs. If a more recent reaction high is equal to or greater than the previous reaction high, then the descending triangle is not valid.
4. Duration: The length of the pattern can range from a few weeks to many months, with the average pattern lasting from 1-3 months.
5. Volume: As the pattern develops, volume usually contracts. When the downside break occurs, there would ideally be an expansion of volume for confirmation. While volume confirmation is preferred, it is not always necessary.
6. Return to Breakout: A basic tenet of technical analysis is that broken support turns into resistance and visa versa. When the horizontal support line of the descending triangle is broken, it turns into resistance. Sometimes there will be a return to this newfound resistance level before the down move begins in earnest.
7. Target: Once the breakout has occurred, the price projection is found by measuring the widest distance of the pattern and subtracting it from the resistance breakout.
stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:descending_triangle_continuation
In this case the descending triangle projects a potential low target at 13 cents . This price projection would be considerably below what I deem to be an important support point at .185 . And if it were to drop to as low as 13 cents ,then I would expect it to continue downwards and wipe out the parabolic curve in totality .
You can also debate where the triangle originally began . Some would say it is a continuation pattern from a prior descent and the peak of the triangle was on September 16 at 31 cents and its support was at 25 cents , projecting a low at 19 cents . I'll leave that part for you to determine .
HBK SHARE ROLLBACK
If I were management , I would concentrate on getting into production and once that is done and all warrants are exercised as the outstanding share amount has increased , I would do a share rollback .
Then get off the venture exchange and list on the Toronto Stock Exchange . The benefits would be enormous in attracting more investors and in a different class such as , investment groups , and mutual funds . The visibility of this new listing would result in a higher share price in the future . IMHO
ANOTHER DELAY AS ANTICIPATED !!!!
3 and 4 . Weather related = Mudslide = slippery when wet . Technical difficulties = wasn't easy getting the plant up that slope due to slippery conditions caused by extreme weather , took time(delay) and an unforeseen increase in expenditures .
"The task of moving the plant from sea level up 200 feet through three switchbacks was a difficult move "
"Victor Bryant comments…"At this juncture I would like to apologize on behalf of myself, the management, contractors and employees for the delay in the SPN production timetable. Extreme weather conditions directly impacted our proposed plans, both in the removal of the overburden and the installation of key equipment."
I said an unforeseen increase in expenditures , However, we on this thread anticipated technical difficulties could be a possibility . Extreme precipitation during this seasonal period is not a surprise . Always expect projects to take more time and to cost more money .
3 and 4 . Weather related = Mudslide = slippery when wet . Technical difficulties = wasn't easy getting the plant up that slope , took time and an increase in costs .
"The task of moving the plant from sea level up 200 feet through three switchbacks was a difficult move "
"Victor Bryant comments…"At this juncture I would like to apologize on behalf of myself, the management, contractors and employees for the delay in the SPN production timetable. Extreme weather conditions directly impacted our proposed plans, both in the removal of the overburden and the installation of key equipment."
Any Bets on the Next Delay ?
Anyone interested in speculating on what the next probable delay may be ?
1- Equipment Break Down ?
2- Freeze ?
3- Mudslide ?
4- Technical Difficulties ?
5- Seasonal Shut Down ?
6- Lack of Funds
7- Running Out of Ink Due To Tremendous Amount Of Fluff News ?
NEWS ! Confirms DELAY & MORE FLUFF
QUOTE :
"Currently high rainfall at the site is delaying gravel preparation. However, the delay is allowing work to proceed on winterizing the camp, completing a dry storage area for equipment and supplies, and other infrastructure work around the barge load-out site."
The rest is fluff , IN MY HUMBLE OPINION !
http://www.marketwired.com/press-release/highbank-applauds-bc-governments-reduced-lng-levy-tsx-venture-hbk-1960785.htm
Today's News Confirms Fluff !
Quote : "Those estimates are based on pending orders and quotes submitted over the past few months."
LOL ! Those "estimates" are "based" on "pending" orders and "quotes" .......... Therefore it means that those hypothetical "estimates" are based on obtaining "hypothetical" orders ,LOL ! And the market has spoken by discrediting the news in my humble opinion .
NEXT Important Point : Quote : "In the mine site area, stripping of the sand/silt layer immediately above the gravel deposit is continuing " .
So they're still removing overburden and not producing .No aggregate stock piles ............ Then , Quote: "crushing, washing and screening equipment is being prepared." Therefore once again confirming NO AGGREGATE PRODUCTION YET !
So in my opinion this is a "fluff" News Release telling us nothing new . It does remove ambiguity per their prior "objective estimates" concerning "hypothetical" profits , making it very clear in this NR that they are in fact "hypothetical" . Well "hypothetically" if I go out and buy a lottery ticket , I could win the jackpot ,"Hypothetically" ,LOL !
Show me the money !(signed contracts and winning bids) then talk . Market agrees , stop talking and start producing and selling !
IN MY HUBLE OPINION !!!
CFO sold shares OCT.2 Before NR
https://canadianinsider.com/node/7?menu_tickersearch=HBK+%7C+Highbank+Resources
On the LOW($0.27) of the day confirming the bearish engulfing candlestick !!!
AGAIN HBK Plunges On News ! Don't doubt technical analysis , LOL !Just my opinion .............
HBK was sold off on news and confirmed the bearish doji reversal signal today with a bearish engulfing candlestick as appears on the chart above .
Appears to be in a descending triangle since July 31st . If it breaches $0.255 we may see the low $0.20's . Be cautious, it appears to be in a bull trap .We'll see how the last candlestick pattern plays out on the 4 day cycle . Just an opinion .