The breakout and close above 943p appears now to have been a false breakout as indicated by the bearish divergences in RSI and that mentioned by Andy in the comments on the previous post (thanks Andy).It'll be interesting to see which of the RSI supports this drops to now. The lower support may coincide with a price visit to the main uptrend support and this would be a great place to go long.For now, though, this will be a waiting game. Original link...

Quick update on this. So far the 61.8% Fib of the rise from the higher low has held at 129p. As long as this remains the case and that short term trendline holds then higher price can still follow.Of course, I'd have preferred for the 135p level to have held but you can't have what you want in the markets! Original link...

Just a quick one this morning to illustrate how the hourly RSI is still trading within the triangle and resistance came into play on the open again and the MACD histogram peaks are still trending down. Original link...

I've chosen to use a pure price chart for Heritage Oil for simplicity and because the indicators aren't showing my anything.Points to note here are the fact that it has retraced to between the 50 and 61.8% Fibs of the last rise which is enough for a typical wave 2; downtrend resistance lies at 156p today (was slightly higher at 156.25p yesterday) and the 123-low breakout level is at 161p.There was also a bullish engulfing candle yesterday so if this can close above 156p and 161p then higher prices may follow. Watch out for the gap at 170p and resistance at 190p. Original link...

If I understand correctly (please forgive me, Gary, if I've misinterpreted your comments on the last post) this weekly chart is what Gary's referring to with his possibility of a rise to the 168.5/169p area and then a retrace down to 115p all within June.If that works out (perfectly possible IMHO) then we'd have an ending diagonal triangle (wedge) which would allow for the wave 1/4 crossover.As you may know, my original thoughts were along these lines though without the wedge. In fact, this pattern would be more bullish than what I'd been thinking as ending diagonal triangles can produce quite violent moves (not always).This scenario would actually give me much greater confidence going forward as there would be a complete wave pattern down from 450p. As things currently stand, we don't have that which is why I'm finding it hard to have confidence in this rise from 126p (and...