I've left the triangle I've been tracking on this chart but now it's broken out it looks a lot more like a cup and handle formation.Note how the main downtrend resistance is still capping the price and we still have the 28.75p to 30p area to get through too but this is looking set up for a breakout soon IMHO. We won't know that until it's closed above the downtrend so I'd like to now see a close above 28p and it should be good to go then. Original link...

Price closed slightly above the main downtrend yesterday but it failed to follow through which shows that the key level remains the major 30p resistance and gap area from 28.75p.Sirius still needs to close above those areas to bring higher prices but, once it does, the move should be powerful with a target around the 47p mark.In the meantime I'm still watching and waiting. Original link...

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...

We'll start this review with a look at the daily chart. My last blog entry suggested there could be bounce off that RSI trendline support. Indeed there was but it was very short-lived. Since then, as can be seen in the highlighted area, the RSI broke through the trendline and has backtested and dropped confirming the break. This is not good unless it quickly breaks back and holds.One thing to look out for is Friday's inside bar (highlighted) though the range is very wide on that so it's risky to trade.The day of the RSI backtest also saw the price drop through, and close below, 2 trendline supports. In fact, that RSI support shown belongs not to either of those price trendlines, but to the trendline lower down from the 2009 lows as we'll see on the following weekly chart as we look towards where this could go. Unsurprisingly, the...

Today Condor Gold confirmed a higher low with a bullish reversal pattern and 83p providing strong support in the last 3 days.Unsurprisingly after the downtrend there's plenty of resistance ahead so my strategy here would be to go long on a close above 95p, with a stop below 83p, as that will form a higher high and a 123-low breakout.We'll have to be careful here though because there's both the next price resistance and the downtrend resistance just ahead of that level so the RSI will be key to see if and where to take profit: if the RSI breaks out of its downtrend before the price does then it could indicate be an early signal to stay long; if the RSI reverses off its trendline then I'd take profit and perhaps also move stops up until a breakout occurs.For a riskier trade we could enter now  Original link...