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This has been in my share tips section for a few weeks now.This is building out a nice cup and handle formation and the breakout level to watch is 257.The formation is really clear to see and this also is being supported by the trend line break which is giving this support as well currently.When the breakout comes it should be powerful. This should be in your watchlist
Stops on this should be below 242 if entered based on the short term trend line support,but real strength will only come once 257 is cleared and then this could head towards the main down trend line at 300.
The target for the breakout is 307 as thats the size of the cup and handle formation. The low of the cup and handle is 206.7 and the high is 257 so the distance between the low and the high is roughly 50 points so...
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I thought id do a blog on an individual company today as have not done a blog for a while. Hopefully this would be useful to some.
BG Group
Theres a nice symmetrical triangle formed on this share. This can be traded ether side of a breakout of the symmetrical triangle. Im favouring a break to the upside on this share but will not second guess the breakout as thats gambling.
The obv (on balance volume)has broken out of the down trend line early so may be an early indicator .Look for the rsi (Relative Strength Index) to also breakout to comfirm.
So id be looking to go long on a breakout of 1231 but will use a 15 point stop just incase im wrong.Ill be watching this closely before placing my trades.If this does breakout a safer way to enter maybe wait for the back test of 1231.
If this...
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