Here's the daily chart going right back to the start of the last downtrend at 228p. We can clearly see how it traded in a channel until the day it broke the main uptrend support (no longer shown) and the 161p support on 22nd April when TK transferred his 10mm shares.The lower dotted line is almost exactly another channel width away and we can see how that then became support which ultimately coincided with the uptrend from the 64p and 87p lows shown earlier on a weekly chart. The rise since 126p has travelled all the way back both channels and found the expected resistance at 165p where the channel top meets the 38.2% Fib. This move looks very much like it has 5 subwaves which is suggests that this in the new trend direction. The last of these 5 subwaves has a messy appearance in a wedge shape as noted...

A pure price chart here of the FTSE100 showing yesterday's bounce off the short term uptrend support and today's drop back down to it.This support is probably going to get broken as the Dow and S&P500 still have further to drop in this correction IMHO. It's not a major support trendline though so not a big deal. Perhaps just a drop to the last breakout point from the March high at 6534? Original link...

The best view of this is on the weekly chart as it's been largely sideways for so long. Here we can see that the move up on Monday broke the main downtrend and there appears to have been a backtest of that trendline break yesterday which has so far held.May be worth going long with a stop below yesterday's low of 12.3p. There's also the previous high of 13p which, if it holds, could act as support. If it goes below that 12.3p then it's probably a false breakout hence the need for a stop loss just below there.Shares like this are very risky as they're so volatile so they need to be treated with extreme caution. Original link...

Here's an interesting chart. Normally, strong uptrends should be bought with appropriate stops just below nearby price supports but this is an example of when I wouldn't buy the trendine.As we can see, the RSI support trendline from the same price trend has already failed and this can often be an early signal that prices will follow. We can see it clearly in this close up view. If it does close below this trendline then the play would be to wait for a backtest of the trendline and go short with a stop above a nearby resistance.I'll not be taking this but it might make a good observation/paper trade exercise. Original link...

Tullow is a bit difficult to call at the moment.On the one hand it's made consecutive higher lows but the rise off the big bear day on 17th April looks corrective to me (ie just a consolidation in the downtrend). In addition, it failed to hold the short term uptrend line formed from the 931p low and the first higher low and there were no bullish divergences at that price (they're not required but are often present at important lows).931p is not a known support level, though it's not far from a minor support at 921.5p. There is, however, an important support at 879.5p and I'd favour a drop to that. My strategy here would be to go long on a break of the recent high of 1085p or sit and wait to go long at 880p. A third option could be to go short with a stop above today's high...