Yesterday's inside bar doji has been succeeded by a bearish engulfing candle today which suggests that this attempt at a rally from the trendline at 67.75p is unlikely to continue.The failure to hold above the 73.5p breakout level, then a series of insides bars and/or lower highs preceeded the above and were all clues to the failure of this rally (yes, easy with hindsight, but that 73.5p level really should have held on a close of day basis for a proper breakout).Supports to look to now are the trendline at 68.25p but that's already been tested once so it's been weakened (there could still be a hammer which closes above it and that might be enough to continue up) and the important 63p level. Original link...

Just a heads up on a possible move in Sirius Minerals. It's not yet end of day so I'll need to review this then, but the RSI is starting to look like it's breaking down out of it's uptrend support.If it closes like this, it'll be a warning sign for me that price may follow down through it's own short term uptrend support too.Bear in mind that it has still failed to cloe above 26.5p despite several opportunities to do so. It could also be argued that the move since 22.5p is a bear flag - it's certainly a nice channel - so there are a few worrying signs on this share now.Price support from the short term uptrend is at 24.14p today (rising daily), major support from previous price lows and intermediate uptrend support from 6p lows at 18.5p and main uptrend  from 2p days is at 13.8p today....

There's not really been any significant movement on XEL since the rise off 87p to 111p as the price has stayed range-bound between those levels ever since.I've left the wave count on but that's subject to change so shouldn't be relied upon. I know it's a wide range, but for me the levels to watch are those mentioned above - long above 111p, short below 87p.On the positive side, the RSI has remained above 30 and has peaked at around the 80 mark since May 2012 and the 64.75p low which followed. Based on this RSI alone, it would seem that the uptrend from 64.75p is still in play. A close above the downtrend resistance shown (this is from the 250p high, not the 425p one as that's already gone in a sideways move) which stands at 116.8p today would be bullish too.The main uptrend from the 2p days stands...

On this hourly chart we can see the bearish divergences mentioned by Gary in the comments from the previous post. This is when prices make new highs but indicators, such as the RSI and MACD histogram shown here, fail to make their own new highs.I've added a possibly wave count for interest.There's nothing so far in this chart or the price action I've seen to suggest a change is required to the last analysis so I'm still waiting to go long on a retrace at around the 141-143p area. Will I get it? Only time will tell.PS, have a look at the POG thread for a good example of a 123-low breakout - that's what we could get here if there's a retrace to that target area and then a break above whatever the current high turns out to be. These types of breakouts can be very powerful (again, see...

This has been a classic 123-low trade so far, even backtesting the 135p area first thing this morning (where I added to my longs as I opened a first tranche early in anticipation of this event).However, we can't be sure, yet, that this is the start of a new trend as it could simply be an ABC correction upwards and that's why I'll be closing half my position just below that first resistance at 154p. The idea will then be to see if that resistance holds and, if there is a retrace, project where it should stop if this is not a correction. I'll update this as we go - best not to presume too much at this early stage. Original link...