TMC Chart's Huge Head & Shoulders Bottom Bullish Entry to 2024?
The Metals Company (TMC) Daily chart is visited for the two-year period Nov 2021 to Nov 13th 2023. TMC's chart is friendly to the extent of presenting fairly clear chart Technical Analysis formations. I have a good example but first a definition is in order.
High Tight Flag: a Flag or Pennant formation, generally steep with higher than average volume, that gains about 100% or more up to the Flag, followed by a relatively short period of declining price & volume (the Flag itself), then a breakout to even higher prices.
Starting in June 2023 a High Tight Flag, along with several bullish news releases and analyst TMC price projections, propelled TMC to a Head and Shoulders Top formation, which then began a steep decline bleeding its gains directly into the base of a Symmetrical Triangle, which in turn led to a narrow Regression Channel, which ultimately very nicely confirmed the necessary 3rd anchor low point defining a bullish Uptrend Line which I think could well extend into 2024. (Any straight line can be defined by two points, even in three-dimensional space, but a well-defined chart trend line really requires a decent fit to at least three points IMO.)
It should be mentioned that in my opinion the only reason why that very nice gain in the above-mentioned Head and Shoulders Top quickly gave up all of its gains was because TMC management made a decision to delay their application for a mining permit so that they could incorporate new and stronger information in 2024. A real Buzz-kill, but I'm sure some investors liquidated their shares for nice gains near the top of that H & S Top and possibly reloaded at the recent lows near $1 and below.
The "Elephant in the Room" formation for TMC's Daily and Weekly Charts is a very large (in time duration), pending, Head and Shoulders Bottom, over two years in the making. Please inspect my many explanatory comments on the chart.
TMC and several affiliated organizations have been busy the past couple of years developing deep-sea mining equipment and providing research which improves the understanding of species impact and other possible effects on that environment.
A wealth of fundamental analysis and financial information is presented on TMC's site Metals.co, including interesting photos and videos. The photo I found most satisfying showed thousands of tons of Polymetallic Nodules containing high-grade Ni, Co, Cu and Manganese, piled in the hull of a recovery ship during a demonstration of technology test program carried out I think in 2021. The nodules were collected from one of TMC's allotted properties about 2.5 miles deep in the Pacific Ocean.
High Tight Flag: a Flag or Pennant formation, generally steep with higher than average volume, that gains about 100% or more up to the Flag, followed by a relatively short period of declining price & volume (the Flag itself), then a breakout to even higher prices.
Starting in June 2023 a High Tight Flag, along with several bullish news releases and analyst TMC price projections, propelled TMC to a Head and Shoulders Top formation, which then began a steep decline bleeding its gains directly into the base of a Symmetrical Triangle, which in turn led to a narrow Regression Channel, which ultimately very nicely confirmed the necessary 3rd anchor low point defining a bullish Uptrend Line which I think could well extend into 2024. (Any straight line can be defined by two points, even in three-dimensional space, but a well-defined chart trend line really requires a decent fit to at least three points IMO.)
It should be mentioned that in my opinion the only reason why that very nice gain in the above-mentioned Head and Shoulders Top quickly gave up all of its gains was because TMC management made a decision to delay their application for a mining permit so that they could incorporate new and stronger information in 2024. A real Buzz-kill, but I'm sure some investors liquidated their shares for nice gains near the top of that H & S Top and possibly reloaded at the recent lows near $1 and below.
The "Elephant in the Room" formation for TMC's Daily and Weekly Charts is a very large (in time duration), pending, Head and Shoulders Bottom, over two years in the making. Please inspect my many explanatory comments on the chart.
TMC and several affiliated organizations have been busy the past couple of years developing deep-sea mining equipment and providing research which improves the understanding of species impact and other possible effects on that environment.
A wealth of fundamental analysis and financial information is presented on TMC's site Metals.co, including interesting photos and videos. The photo I found most satisfying showed thousands of tons of Polymetallic Nodules containing high-grade Ni, Co, Cu and Manganese, piled in the hull of a recovery ship during a demonstration of technology test program carried out I think in 2021. The nodules were collected from one of TMC's allotted properties about 2.5 miles deep in the Pacific Ocean.
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