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SLE daily 09/05/13

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San Leon Energy gave an early buy signal on Tuesday 7th when the RSI broke out  of its downtrend at the close. The SP closed at the day's high and then made a 123-low breakout above the previous high at 6.99p having formed a higher low.

It fell back from the 7.76p resistance but still managed to close above the price downtrend which is bullish. Today has seen a backtest of that downtrend. This pattern could also be seen as an inverse head and shoulders.

Resistances ahead are at 7.76p, 8.7p and 9.44p. Stops should be below the higher low of 5.8p for safety but a close above 7.76p should allow them to be moved to just below the 6.99p support.

This was a great example of a number of technical plays coming together at the same time. 
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Guest Tuesday, 20 November 2018