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SXX daily 16/07/13

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It's been an eventful two days in SXX and it won't be of any consolation to some but this has been a great example of the importance of waiting for confirmation of a resistance break on close of day.

A few days ago the price closed very slightly outside the main downtrend resistance but given the 0.25p minimum spread (approx 1% of the SP) this was hardly convincing and was followed by an immediate failure to stay above. 

Yesterday's touch of the critical 30p level was also sold off to back below the main trendline which was another warning but the severity of today's drop is still something of a surprise. That said, it's hit RSI support as we can see from the bottom of the chart so there may be some respite tomorrow with a bounce.

I'll still wait for a close above 30p to go long on this though as that's be 
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