Lloyds Banking Group finally made it to the 63.4/63.8p resistance level from the significant price highs in early 2011. In addition, there appears to now be a complete wave sequence up from 21.63p.This has, so far, been a great example of an uptrend play as shown in the trendlines section of the Chart School, and also of an Elliott Wave sequence.The first big test of the bulls' strength will be if/when it tests the breakout point from the wave 3 high at 56.14p. This is where I'll close my short as it will be a support. If that gets taken out then I'll look to re-open targeting the main trendline up which stands at 49.31p today (rising daily).Stochastic is starting to turn over from heavily overbought areas and the MACD histogram looks to be about to turn negative and is clearly sloping down which suggest at least a correction is...

San Leon Energy did perform the expected bounce off the 7p breakout level, the old downtrend resistance and the 38.2% Fib but, as is often the case in a wave 2 retrace (I'm assuming those 5 waves up constitute wave 1 up of a new trend - this could be the case unless the low gets taken out), it was capped by the 23.6% Fib.It appears to now be in a consolidation period and from here I'd still expect a further drop to at least the 5.8/6p area. Stochastic is trending firmly down and MACD histogram is sloping down and has turned negative.  Original link...

Sirius has tested the 26.5p level again today. This is the level to break for a higher high which will give a 123-low breakout since the drop to 22.5p. As can be seen, there's a small ascending triangle forming here which has a target near the 30p resistance level.In fact, there's a lot of resistance ahead but it's all approximately in the same place. We have the main downtrend at 28.3p today, the gap (now filled but still resistance) and recent high at 28.75p , and the 29/30p level which stalled the rise up from 18p.Overall the pattern remains bullish with a large cup and handle nearing completion from late 2011. This has a target of c. 47p which will become active on a close above 30p. Given the quantity of resistance just ahead, it makes sense to expect a strong move if/when it gets broken so this C&H target...

A week on from the last chart update on here and it's been a very volatile ride.It fell short of it's target at 11.5p and then failed to hold the breakout test of 9.5p. News today has caused an extremely large trading range so those who didn't at least take some profit off on the rise to 11.p had a second, brief, chance to do so today.The key now is for this to hold the shorter term uptrend support at c. 7.6p. There's also a lot of support at 6.75p where there's been plenty of previous price action and the lower uptrend support lies. 11/11.5p has now been sold off twice and becomes a strong resistance and must be broken by close of play to signal higher prices.I managed to bank at 11.25p (profit taking on the rise), 10.86p and 9.81p having entered at 9.4p in expectation of that inverse...

There's a chance that Gulf Keystone Petroleum may finally be finding some support at the trendline from the 64p summer 2010 and 87p summer 2011 lows. Close tomorrow will determine whether there's a weekly hammer off this trendline.From an Elliott Wave point of view, it looks like 141p was the end of wave A, 260p the top of wave B and it may now be just entering wave 4 up of C down. If so then any rise should be capped by the 161p resistance (wave 1 of C low) before a final wave down which may, or may not, get truncated and end above yesterday's 127p low. Original link...