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21787
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Tonight I thought we'd take a different view and look at the daily cloud chart because there have been some interesting developments lately. For more information on cloud, or Ichimoku, charts please click here. If we look to the left of the chart we can see how prices dropped below the cloud then re-entered and tested the top of the cloud from the inside. This is a classic resistance test and the breakdown was confirmed by prices dropping straight back down out of the cloud followed by the blue lagging line. This is textbook Ichimoku charting for a downtrend confirmation.The last few days, however, and seen an exact (in fact even better) reverse event. Price broke up through the cloud to the 180p high, re-entered the cloud to test the support at the base and then popped straight back up out of the cloud. In addition (and this is what makes...
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As ever, I'll try and keep the emotive issues of fundamentals out of this but it's hard to do these days!We start with the daily chart which shows a failure of the main RSI downtrend breakout and a crash through both the 166p and 158p supports. I've highlighted here the possibility of a drop to the 61.8% Fib which would also be a backtest of the previous trendline break and also at the previous support/resistance level of 147/9p. There are other possibilities which are best viewed on the hourly charts.  Two ways to view this chart: one is with the bullish wave count I've annotated it with which shows the SP hitting support at the 50% Fib of the whole move or the 61.8% Fib of the move referred to by Ian in the previous comments. (Note also the circled Fib which was referred to on the daily chart)The other...
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Friday saw a perfect test of the price downtrend from the 260p high but the SP remained bullish and closed such that there was also an RSI trendline breakout. This is significant because that RSI trendline is the one from the 450p high so I remain bullish here despite Friday's and Saturday's disappointing events with M&G.That's not to say that an RSI breakout results only in upward price movement. Look at the lower RSI trendline on the attached chart. The RSI breakout occurred a day before the big price move but the higher low at 129.25p came on a perfect backtest of that RSI trendline so at some point I'd expect a similar backtest of the latest RSI trendline during a retrace.Of course, there's also the possibility that this could be a false RSI breakout - we need price to follow through in the next day or two.In the short...
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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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