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.
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.