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BLVN daily 31/05/13

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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.
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