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CNR daily 23/07/13

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Today Condor Gold confirmed a higher low with a bullish reversal pattern and 83p providing strong support in the last 3 days.

Unsurprisingly after the downtrend there's plenty of resistance ahead so my strategy here would be to go long on a close above 95p, with a stop below 83p, as that will form a higher high and a 123-low breakout.

We'll have to be careful here though because there's both the next price resistance and the downtrend resistance just ahead of that level so the RSI will be key to see if and where to take profit: if the RSI breaks out of its downtrend before the price does then it could indicate be an early signal to stay long; if the RSI reverses off its trendline then I'd take profit and perhaps also move stops up until a breakout occurs.

For a riskier trade we could enter now 
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