Well, here we are at last back at the key 166p level but, no surprise, the SP closed just below.I still remain bullish here, not least because of the RSI which has continued upwards following its breakout, so we'll still have to wait for this key level to be taken out.With the meeting between Simon Murray and M&G taking place tomorrow, all eyes will be on the lookout for the resulting RNS but I suspect that if this is going to break out then it may well do so before the news comes. Only time will tell of course. Could be an interesting day tomorrow and the general markets remain bullish right into the close today too. Original link...
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This has closed today with both the price and RSI breaking their short term uptrend supports which doesn't bode well.The last test of the RSI downtrend has proved decisive so until there's at least a break of that 6.6p level on a closing basis I won't go near this with a long position. Original link...
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If I was in a risk-taking mood I might buy this due to the RSI breakout but it would be a risk as price got rejected from the short term downtrend and the main downtrend is still some distance away.The gap at 5p got filled nicely and there's been a decent bounce to produce that RSI breakout so a close above 6.65p (the previous high) would give a higher high after the higher low at the gap.There's still that downtrend and 7.88p to deal with but it might be starting to get interesting here. Original link...
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In a departure from my usual Updata charts, here's the updated (no pun intended) daily chart for Xcite Energy.As I previously mentioned, the key to this was not the price trendline but the RSI trendline formed from the bullish divergence. We got the bounce yesterday with a doji candle in the price chart and these have both followed though nicely today to the extent that it managed to close back above the short term price uptrend.This is a classic false breakout and shows how important it is to use RSI in conjunction with price to help avoid getting caught out. I'm now long on this with a tight stop below 101p. My initial target will be the 112/3p resistance but if it does get back there then there will be a nice cup and handle pattern which should target 130p and then beyond when we consider the ascending triangle from...
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Tricky one this. Clearly price has dropped through the trendline however the RSI has closed on its trendline which formed from the bullish divergence. Often, but not always, this can be a sign of a false breakout so there's still a chance it could reverse from here. If the RSI follows it down then that's unlikely until at least the lower trendline IMHO.There's a clear "cup" type formation with the "rim" at 113p so it may be worth looking to see if a handle forms - the RSI, currently suggests it could - back up to 112/3p which would target c. 130p if it occurs. Below 96p and the lower trendline and the drop could get nasty so make sure you have stops in place below the important 96p Original link...
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