Here's an interesting chart. Normally, strong uptrends should be bought with appropriate stops just below nearby price supports but this is an example of when I wouldn't buy the trendine.As we can see, the RSI support trendline from the same price trend has already failed and this can often be an early signal that prices will follow. We can see it clearly in this close up view. If it does close below this trendline then the play would be to wait for a backtest of the trendline and go short with a stop above a nearby resistance.I'll not be taking this but it might make a good observation/paper trade exercise. Original link...

Tullow is a bit difficult to call at the moment.On the one hand it's made consecutive higher lows but the rise off the big bear day on 17th April looks corrective to me (ie just a consolidation in the downtrend). In addition, it failed to hold the short term uptrend line formed from the 931p low and the first higher low and there were no bullish divergences at that price (they're not required but are often present at important lows).931p is not a known support level, though it's not far from a minor support at 921.5p. There is, however, an important support at 879.5p and I'd favour a drop to that. My strategy here would be to go long on a break of the recent high of 1085p or sit and wait to go long at 880p. A third option could be to go short with a stop above today's high...

Yesterday's inside bar doji has been succeeded by a bearish engulfing candle today which suggests that this attempt at a rally from the trendline at 67.75p is unlikely to continue.The failure to hold above the 73.5p breakout level, then a series of insides bars and/or lower highs preceeded the above and were all clues to the failure of this rally (yes, easy with hindsight, but that 73.5p level really should have held on a close of day basis for a proper breakout).Supports to look to now are the trendline at 68.25p but that's already been tested once so it's been weakened (there could still be a hammer which closes above it and that might be enough to continue up) and the important 63p level. Original link...

Just a heads up on a possible move in Sirius Minerals. It's not yet end of day so I'll need to review this then, but the RSI is starting to look like it's breaking down out of it's uptrend support.If it closes like this, it'll be a warning sign for me that price may follow down through it's own short term uptrend support too.Bear in mind that it has still failed to cloe above 26.5p despite several opportunities to do so. It could also be argued that the move since 22.5p is a bear flag - it's certainly a nice channel - so there are a few worrying signs on this share now.Price support from the short term uptrend is at 24.14p today (rising daily), major support from previous price lows and intermediate uptrend support from 6p lows at 18.5p and main uptrend  from 2p days is at 13.8p today....

There's not really been any significant movement on XEL since the rise off 87p to 111p as the price has stayed range-bound between those levels ever since.I've left the wave count on but that's subject to change so shouldn't be relied upon. I know it's a wide range, but for me the levels to watch are those mentioned above - long above 111p, short below 87p.On the positive side, the RSI has remained above 30 and has peaked at around the 80 mark since May 2012 and the 64.75p low which followed. Based on this RSI alone, it would seem that the uptrend from 64.75p is still in play. A close above the downtrend resistance shown (this is from the 250p high, not the 425p one as that's already gone in a sideways move) which stands at 116.8p today would be bullish too.The main uptrend from the 2p days stands...