Codan's Golden run to continue

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Bacchus

Bacchus

Rick
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For the last year Codan (cda) share price has been on a beautiful little run from $.58 to $2.09 . This mornings charting has thrown up a possible break up through resistance at $2.17 for the third time . If so a 25 point earn in a month is possible and a not impossible return to the $4 share price of recent years over the longer term should the steam train continue :D imho
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:Codan Ltd forms bullish "Ascending Continuation Triangle" chart pattern
Feb 01, 2017

Xxxxxx has detected an "Ascending Continuation Triangle" chart pattern formed on Codan Ltd (CDA:ASX). This bullish signal indicates that the stock price may rise from the close of 2.09 to the range of 2.51 - 2.61. The pattern formed over 32 days which is roughly the period of time in which the target price range may be achieved, according to standard principles of technical analysis.

Tells Me: The increasingly higher lows and constant highs within this pattern tell us that buyers are more aggressive than sellers, confirmed by a breakout through a resistance level to signal a continuation of the prior uptrend. An Ascending Triangle, with its increasingly higher lows and constant highs, indicates that buyers are more aggressive than sellers. The pattern typically forms because a supply of shares is available at a certain price, represented by the upper flat line. When the supply depletes, the shares quickly break out from the top trendline and move higher.
 
Tis good to see them back up, bit of a worry there for many years. I`m speaking as a user of their products not as an investor. They are innovative and bring us top line detectors.
 
For anyone interested in share trading great to see Codan with a profit upgrade today mainly driven by its gold detector sales , the last 30 day trade returned 16 percent including a special dividend of 3 cents. If it breaks out through previous high of $2.42 over the next week will be interesting :)

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Codan blasted through $2.42 to be at $2.53 as of this morning . Almost enough to make you choke on your Weetbix to think that a GPZ cost of $10700.0 invested in the company 18 months ago would be worth $50131.00 today ! Hopefully the company's profits turn into more jobs in Australia not just overseas.
 
Yeah, unfortunately the manufacturing side of things is overseas understandably, but at least Codans still here in OZ, which is a big plus. Those engineers, scientists and staff that have given us the worlds best gold detectors for yonks are still here keeping the R&D going strong. Is just great to see that share price rising, the next Z is on the drawing boards no doubt.
 
Norvic said:
Yeah, unfortunately the manufacturing side of things is overseas understandably, but at least Codans still here in OZ, which is a big plus. Those engineers, scientists and staff that have given us the worlds best gold detectors for yonks are still here keeping the R&D going strong. Is just great to see that share price rising, the next Z is on the drawing boards no doubt.
Click to expand...

Last company report forecast a lot of extras cash going towards R and D so hopefully a continuation of great gold detectors to be unveiled , Without finding it and going through it again I think it was Dubai where Codan are developing a large presence and my worry is that the Govt over there is so damn pro active they may make things very attractive to set up shop which might not be so good for us here.

Cheers
 
That is a concern, but perhaps a move to Dubai has already been dismissed in the past. Plus OZ is where they come from, which in the business world means bugger all but I suspect to Codan as a company of people means a lot.
 
Bacchus said:
For the last year Codan (cda) share price has been on a beautiful little run from $.58 to $2.09 . This mornings charting has thrown up a possible break up through resistance at $2.17 for the third time . If so a 25 point earn in a month is possible and a not impossible return to the $4 share price of recent years over the longer term should the steam train continue :D imhohttps://www.prospectingaustralia.com/forum/img/member-images/4092/1485993051_image.jpg
https://www.prospectingaustralia.com/forum/img/member-images/4092/1485992657_image.jpg
:Codan Ltd forms bullish "Ascending Continuation Triangle" chart pattern
Feb 01, 2017

Xxxxxx has detected an "Ascending Continuation Triangle" chart pattern formed on Codan Ltd (CDA:ASX). This bullish signal indicates that the stock price may rise from the close of 2.09 to the range of 2.51 - 2.61. The pattern formed over 32 days which is roughly the period of time in which the target price range may be achieved, according to standard principles of technical analysis.

Tells Me: The increasingly higher lows and constant highs within this pattern tell us that buyers are more aggressive than sellers, confirmed by a breakout through a resistance level to signal a continuation of the prior uptrend. An Ascending Triangle, with its increasingly higher lows and constant highs, indicates that buyers are more aggressive than sellers. The pattern typically forms because a supply of shares is available at a certain price, represented by the upper flat line. When the supply depletes, the shares quickly break out from the top trendline and move higher.
Click to expand...

Hi Bacchus

triangles or pennants can break out by the height of the triangle so your 2.61 target is not unrealistic ( 2.58 by my calculations )

do you slap any fibbonaccis on your breakouts on price or time ?

I used to know some awesome elliot guys who would nail both of the above bang on the cent and within a few minutes on time too . too hard for my old brain though . lol

good luck with it.

are they paying a div ?
 
Bacchus said:
Codan blasted through $2.42 to be at $2.53 as of this morning . Almost enough to make you choke on your Weetbix to think that a GPZ cost of $10700.0 invested in the company 18 months ago would be worth $50131.00 today ! Hopefully the company's profits turn into more jobs in Australia not just overseas.
Click to expand...

sorry i replied to your first post before reading to the bottom .
 
G'day HeadsUp glad that you also find charting interesting and I hope profitable. I am more of a fundamental analyist and work in partnership with a chartist. We use the standard Fibonacci retracement levels of 38.2 , 50 and 61.2 percent but mainly in correlation with candlestick charting for confirmation. Our chartist tries to explain Fibonacci arcs and fans to me but to be honest it does my head in. I have a primary responsibility of making sure companies are a viable concern and when the two line up we make a trade . I too am amazed at a good Chartists accuracy

Cheers and good luck
 
I worked with Codan for around four years in Adelaide back in the early 90s. Their founders were two great Engineers. They also made/make some of the best HF mobile radio equipment for outback Australia - a great Aussie company - started as a back yarder. Yes, they bought Minelab, but even more kudos to them for their vision and its continued success! They've expanded around the globe, leaping into new technologies and ploughing in R&D dollars to stay as a technology leader as always. Let's hope they stay Aussie based as I'm sure that their founders would have intended.
 
With the sell in May and go away strategy over its time to get trading again Monday morning . Straight off the bat the software has thrown up the Gold Detector manufacturer as a possible trade again. So with a couple of nice trades under the belt it's time to rackem up again ;)



Codan Ltd forms bullish "Continuation Diamond" chart pattern
Jun 30, 2017

Xxxxxxx has detected a "Continuation Diamond (Bullish)" chart pattern formed on Codan Ltd (CDA:ASX). This bullish signal indicates that the stock price may rise from the close of 2.34 to the range of 2.85 - 3.00. The pattern formed over 126 days which is roughly the period of time in which the target price range may be achieved, according to standard principles of technical analysis.

Tells Me: The price has broken upward out of a consolidation period, suggesting a continuation of the prior uptrend. The pattern begins during a downtrend as prices create higher highs and lower lows in a broadening pattern. Then the trading range gradually narrows after the highs peak and the lows start trending upward. When the price breaks upward out of the diamonds boundary lines, it marks the resumption of the prior uptrend.

1498823554_img_0205.jpg
 
Thanks for the details Bacchus. Just a query though, and it may just be a case of semantics or the graph sequence so i'll ask.... You say the pattern forms from a downtrend yeah? The graph below reveals to me a maintained upward trend, albeit with 'activity corrections or dips', but, and it may be a matter of usage, I don't see a downward 'trend'... harder to tell not knowing the timeline of the graph.

Could you perhaps clarify the usage of the term 'trend', and it's applicability within your posted example?. I think if the timeline on the graph was clearer i may see it differently...are the time scales hrly/daily/mnthly/yrs????

With Thanks

Bacchus said:
Tells Me: The price has broken upward out of a consolidation period, suggesting a continuation of the prior uptrend. The pattern begins during a downtrend as prices create higher highs and lower lows in a broadening pattern. Then the trading range gradually narrows after the highs peak and the lows start trending upward. When the price breaks upward out of the diamonds boundary lines, it marks the resumption of the prior uptrend.

https://www.prospectingaustralia.com/forum/img/member-images/4092/1498823554_img_0205.jpg
Click to expand...
 
G'day GGA and thanks for the interest

I should clarify that the comments following the imoji are a cut and paste from my software and the graph is poor and hard to follow without timeline . Whilst I personally would normally describe that pattern as a pull back from an uptrend in fact technically I believe they are correct . The key is the two parallel grey lines which indicate the long term trend channel . The fact that the graph has spent more time below that channel when measured from the previous diamond point outside the channel than It has inside it makes it a change in trend . And the fact it fell below the last dip outside the channel confirms it as a short term downtrend which quickly became a consolidation pattern . That is my understanding but happy to confirm with our chartist and sorry for long winded reply :)

I will try and attach a couple of candlestick graphs which may clarify with timeline but unfortunately will not show channel

Cheers

1498877010_img_0209.jpg
 
Thanks for that. It appears the 2nd graph has a 2-3mnth timeline, so if it is just a 'snapshot' of the trend line, what timeline is the 1st graph please?

I use an online sim for 'ghost' trades atm while sharpening my interpretation skills. Not got as far as Fibonnici's (?spell) and others yet for analysis, and only use candlesticks for now trying to monitor the cycles. It does take a lot of time getting up to speed with all this, so i appreciate yours and posting.

Cheers
 
Interesting Bacchus. Thanks for posting. Do you mostly trade tecnical set ups as thrown up by the software? Seems like a good strategy yo have a system in place to suggest trades to you even if you only trade ones that satisfy further criteria.
 
Cheers diggit most would describe our system as arse about face because I do a lot of time going through the books and reports of companies then looking at P/E ratios etc to see how strong the companies are on paper and keep a list of those that meet the criteria. We then wait for the software to identify a possible trend on that stock or if my trading partner ( a chartist ) identifies a pattern himself we make the trade . I usually stick to the oil companies and gold miners most of the time and only took interest in Codan because of the Minelab product when the 7000 was about to be released and the interest it would create. It was a bit of a rocky start but has been a great stock with many trades made all good ones. What started as an interest years ago is now a full timer :) when not detecting ;)
 
Bacchus, any update on this post? it has softened a bit so it may be a good time to step in?
Having heard from you a while, since Tibooburra in fact, I did ok out there in the end, after a slow start.

Cheers,
Man with a Golden Hat (apologies J.Bond)
 
G'day Jeff

Your 40 bit dawn to dusk effort at Tib was a great dig , you certainly were channelling those gold mining ancestors of yours ?

Have hardly been out at all myself but hope to change that soon .

Re CDA , I ran that trade with a 3 percent stop loss so chopped out early with a small flesh wound little damage but a loss none the less .

IMHO it appears to be resuming the previous upward trend after taking a breather but having bounced from $2.10 twice mid June and Aug it is not impossible to test it once more.

Watching and waiting ;)

Cheers and good luck
 

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