Little bounce there off your 56.5 support F4Th did u catch it?

Free trade now

Good opportunity for a quick buck here this morning. Bullish divergences on the hourly after a quick fall to a historical support of 56.50

uk.advfn.com/p.php?pid=chartscreenshotsh...I%3D&symbol=L%5EBARC

Low of 57p yesterday, so not quite to 56.50 and nice bounce today. Could spell double bottom. Pretty much as planned ;o)

I have taken a wider view of Blvn this time to illustrate the origin of current support that is being tested and the falling wedge.

uk.advfn.com/p.php?pid=chartscreenshotsh...NklbNUp4PLe3G%2FU%3D

RSI support broken yesterday and if confirmed by price action the trendline break brings the falling wedge into play and a bottom of 56.50 support (magenta). If we get to 56.50 this may lead to a breakout north of wedge resistance and a double bottom, which would likely be material. One to monitor in the coming week or so really.

Blvn now testing trendline support and RSI support at ~60p. Is this finally a run on 56.50?

Petrofac Integrated Energy Services Data Pack Presentation (taken from BLVN bb)

www.petrofac.com/index.asp?pageid=463

The presentation references and includes the Bowleven Etinde permit development as a 'Key IES project' alongside other established projects. Clearly Petrofac are serious about committing to the partnership alliance with Bowleven to continue referencing the Bowleven Etinde development in company reporting and presentations. Interesting to compare the detail on the commercials and revenue guidance on the other IES projects.

Key sentence from the presentation: "FID on the Etinde permit development in Cameroon not expected until later in 2013"

The alliance is happening and the Petrofac financing alongside a farm-in partner will transform Bowleven and it's resources to reserves
ta
G

dl.dropboxusercontent.com/u/7238706/BOWLEVEN.png

I'm totally unsure on this one but, if I had to make a decision I would say it hasn't quite bottomed out; which is probably the kiss of death for the bears and all the bulls wanted to hear
56.75 looks like a good target

uk.advfn.com/p.php?pid=chartscreenshotsh...Q%3D&symbol=L%5EBLVN

Quick update. Blvn is getting interesting. On the bearish side we have had a confirmed bearish engulfing pattern and a close below the neckline of a somewhat lopsided H&S pattern. There is also bearish divergence forming on MACD. Trade was below 60 today.

Trendline support is at ~58.50 with potential double bottom at 56.50 and 53 below that as we know.

On the positive side, volume Friday was above average, which shows an appetite at the 60 level, where most of the take-up was.

My feeling is that the neckline break will give downside momentum through the trendline but I see the 56.50 area being bought heavily.

I will watch volume on the descent and the RSI support line for confirmation.

uk.advfn.com/p.php?pid=chartscreenshotsh...vr6oP12EWWzgXt1D4%3D

We now have a lower low, so the short term uptrend has broken down. Next key area is horizontal support at 62.50 and the 61.8% fib of the 56.50 move at a ~62. Might get a bounce here.

If this level goes then there should be a quick retrace to the trend line in the 158 area.
There was a nice double bottom at 62.50 at the beginning of the year so we may see the same at 56.50 as traders will have the former in mind on this share. Support below that is at 53p

The key on all these levels is to watch volume to see when the retrace is bought.
A break of 71 looks a long way away already fro the bulls.

I doubt it. Firstly, you need an uptrend for a bull flag ;o)

Food4thought, is that a bull flag forming on your BLVN chart?

ta
G

Looks very much like Blvn is going to 53p. The fall here is dramatic and it just keeps going. There is some positive MACD divergence but all other indicators are poor.

uk.advfn.com/p.php?pid=chartscreenshotsh...NnXip8HzfYeYAEVS8hg=

Minimum 7 point bounce at 53p IMO.

F4T

I'm long on this now with a tight-ish stop.

Gotta agree with all that. I've said for a while that a close below 68 will make 63 certain.

Key level approaching for BLVN now after today's breakdown of the intermediate trendline support. Here's the daily:



dl.dropboxusercontent.com/u/20815047/FTS...LVNdaily11_06_13.gif

And the weekly to show how important the 62p level is:



dl.dropboxusercontent.com/u/20815047/FTS...VNweekly11_06_13.gif

I'll be going long at 62p but with tight stops and there doesn't appear to be much to stop this from going to 55p or below if 62p fails IMHO.

Hi amo
Its really hard to make it out on your chart as its zoomed out.
But its make outable...
Only thing wrong with this is that the fib projection is not from a important area.
Looking at your zoomed out chart you can see that its more or less in a sideways move.
Your projection are dependent on a few factors . What are you basing it on????
Elliotts wave use a lot of fib projection so you need to know which wave your in.
Best way to start would be to use a low point. Your ones taken from a mid point.
Also i personally dont like it when the price moves beyond the 61.8fib then to do a fib projection.
Another reason being is that the 100% target is just above the previous waves high where this was taken from.That i find to be not effective.
Its hard to explain all this so ive probably lost you.
Have a look at the video in chartsview
www.chartsview.co.uk/learning/Video-fib-Extensions.html



[video [/video]

OK, Ive managed to draw fib projection using pro realtime.
Can anybody confirm that I've drawn this correctly please.



www.dropbox.com/s/iocwivsr7ecydqi/Screen...%2006.40.56%20PM.png

BLVN chart looking very positive with 123 low, breakout of descending wedge and MACD cross over yesterday.

I would appreciate it if anyone could advise me on projecting the next move up using fibs.

Ive sort of got the hang of fib retracements but still trying to sus projecting moves up, find it too easy to press the buy button and dither too much when it comes to selling

Might be worth changing the thread title for these posts as I keep CENSOREDting myself everytime I see BLVN mentioned

Thanks WS.

Remo, yes, there ia an RSS feed which is active when posts are published. Let me know if there's anything you need me to do.

Cheers.

nice work J

Hi remo,

Top man! Thanks. It's at www.FTSECharts.com

Please bear in mind that it's far from complete and has a different kind of purpose to it. It's a work in progress. As with any blog or bulletin board, all opinions posted are just that - opinion. Read the disclaimer on the Homepage and please feel free to use the contact page with any suggestions etc.

Remo - I'd like to add CV onto the useful links tab (not yet done this page). I've asked ronnie and she said it was fine. Just wanted to ask if you'd like to write your own tag line for the link? Re the RSS feed. I don't know but will look into it and let you know. The way I see it is that my blog covers basics - TA for investors who want to learn - whereas yours is far more advanced (and professional). Perhaps people can "graduate" from mine to yours!!

Cheers and thanks again. You're a real gent!

hi jackozy
share your link mate...its fine
do you have an rss feed for your blog???? if so i maybe able to use the feed to automatically place the blog on this site for you. Im not certain but worth a try

Thanks guys but I think that needs to be down to remo and ronnie to decide (they already know about it). This is their website which they're put a lot of time, effort and money into. Mine's just a blog where I can keep a better record of my analyses and thinking behind my trades. It will never replace or compete with this site!

Actually, what I've found is that doing a public blog has focused my attention and seems, so far, to have helped me to make better decisions.

I'm hoping to find a way whereby my blog posts get automatically copied into CV so I don't have to duplicate them manually.

Hi Jackozy - Mee too Please!

Jackozy can I have a link for your blog that was linked on iii that got pulled down before I had a chance to look at it?

It really could do with closing above 73.5p. I have an initial target at 78.5p for this (top of what might be wave 3).

This looks like its breaking out of the 123 low ...this also came right at the trend line...






The trend line on this chart has not been adjusted but you should get the picture

It has also made a higher low on the daily - it is pressed up against the uptrend line which goes back to June 2012.

Possible higher low forming on this today. Here's the hourly chart showing what looks like a bull flag ending near the 61.8% Fib with an engulfing candle:



dl.dropboxusercontent.com/u/20815047/BLVNhourly21_05_13.gif

Just IMHO. I've got my stops at B/E at 68.75p and will add to my longs if there's a 123-low breakout above 73.5p

I'm long from the trendline and 68.25p support area with a tight stop:



dl.dropboxusercontent.com/u/20815047/BLVNdaily16_05_13.gif

I wouldn't want to see it get back to that 62/3p area as that means the trendline has broken (it could do this intraday, but I think that would have needed to happen yesterday as that was the trendline test).

Just my view

Triple bottom reversal anyone?

Could yet see 62/63p again here.

Bowleven is approaching the uptrend support formed from the 53p low on 28th June 2012 and is also close to the long term RSI support which goes back to August 2011.

The price support is at 67.4p today, rising daily, so it may be worth going long at around the 68p mark with stops below the nearby strong support at 62.5p. There's also a minor support at 68.25p. Main downtrend resistance is at 95.4p today (falling daily) with the minor downtrend at 89.9p. Watch out for an RSI breakout to help confirm a reversal.



dl.dropboxusercontent.com/u/20815047/BLVNdaily13_05_13.gif

F4T,

86p again proving resistance here although I thought we would see the 50% FIB from 81p to 90p.

What is your take on the movement?

ATB
Cole

colebrooke1,

I had another look at this last night. yesterdays low was exactly at the 61.8% fib retracement of the 62.80 to 102 move. It was a pretty confident bounce so that is quite positive. The negative is that volume was not good. If this level should fail then a 100% retrace to the low 60's is probable. 75 is the next support below that fib level.

Also note that there is some positive MACD divergence. Next resistance is the gap bottom at ~83.



F4T

F4T, 81p close held again do you think it may still come back to test mid 70's support?

We should see 75 soon on this one.

well i took a small chunk on the gap fill , so we'll see ( a tad under 82p )

pj

Gap closed but 61.8% fib penetrated. Take your pick

Almost there

Lots of news due, flowtest etc so bear this in mind as to when the gap gets filled

Will now wait for gap close at 82.80 here. No need for chart.

Food4Thought wrote: [/quote]

Fair enough mate

Remo,
apologies, I don't mean to upset people but like yourself, I have strong views regarding my TA.

My systems work well as I am sure yours do, however let's both agree that there are many ways to skin a cat and perhaps refrain from qualifying each others posts going forward.

F4T

---

dude your quite offensive if im being ohnest.
My point is there is more than one way to trade and you cant base every thing on one method alone ..that is being blind. You cant just follow every thing you read as being gospel. I point out that there is more than one way.[/quote]

"pure technicals" never really work on "non top flight companies" but risk/reward often does....I got this wrong as I was witing to get in at "chancer entry" but my 84/85p target was hit and I would have sold there and then tried again at 75p with risk around 71p.....for now I'll continue to be a chancer and see if we get a cheeky retrace in a month or so....short termers should watch the 20 day and uptrend channel, med termers should watch 50/200 day and chancers should watch Debbie does Dallas!

I see value in the lower red line around 66p now (but If I was in I'd be touting 72-75p support no doubt)

Food4Thought wrote:
dude your quite offensive if im being ohnest.
My point is there is more than one way to trade and you cant base every thing on one method alone ..that is being blind. You cant just follow every thing you read as being gospel. I point out that there is more than one way.

heres just an example of the gap fill method.
Remember there are so many ways of trading .No one way is perfect.

a gap by definition is a window

Remo, not all TA plays out as you well know. Showing something that didn't play out is no proof of validity of a point of view.

No offence, but I think that you try to be a little too clever with your TA and as this is your site others pick up on it and may think it the most commonly used.

You need to determine what most market participants do and use and then prioritise that. Using obscure techniques is IMO useless in reading the markets because others are doing otherwise.

Just my opinion
F4T

I can show you a whole load of examples of gap fills where the wicks were useless.
dont get me started