Previous support was bound to cause a bounce but news came to give it a boost. The key to this one now are those two levels - the 4.6/7p support and the 7.68p resistance.Look to the RSI to give an early clue for an upside breakout - if it breaks its trendline before the price does then price should follow. Then there's the 8.425p level to break.Either way, it's going to have to make a breakout in the coming weeks and room between the horizontal support and downtrend resistance has limited time left. Original link...

I've chosen to show this simple weekly chart of AFC as it clearly shows how the trendlines are providing good supports and resistance.The recent spike up to 52.05p exactly hit the resistance and without a close above that level it's unlikey that higher prices will follow.As can be seen, this share spikes around a lot with very quiet periods in between so it's clearly a very news affected share and therefore a bit unpredictable. Purely from a technical point of view, the 52p level should have been sold and I'd now be either short or waiting for either a Fib support (not shown) or the lower trendline for a long entry.I tend to stay away from shares like this for obvious reasons. Original link...

It's been a while since my last update on XEL but that's mainly because not a lot has changed until the last couple of days. There's talk of a possible 123-low breakout but I remain unconvinced (for now) that this indicates a trend reversal.[Not all 123-lows result in trend changes as all corrective moves (upward moves during a downtrend) should also feature a 123-low move]It's still my opinion the the whole move down from 127p looks bearish, with the today's move up to 106p possibly being a counter move (wave 2) to that down from 113p. It pretty much hit the 61.8% Fib of the last drop which is ideal for a wave 2 up.More important for me is to see what the RSI does. We can see that is closed bang on its downtrend resistance from the 127p high so I'll be looking to see if it reverses from...

No surprise that with the latest collapse in the price of physical gold the miners have followed suit. The daily chart on the left shows the bear flag and the subsequent drop in price.Note how there was a nice little backtest which should have been the entry to go short. The problem now is: where next? We have to go back to the monthly chart and 2002 to find the next support which is not far away now at 80p. This could coincide with gold getting down to the important $1156 mark which is also a significant support and should be a good place to go long. Original link...

Clearly, HOIL's last attempt to break out of its downtrend failed but it's having another go today.As before, I'm looking for the RSI to close above its downtrend resistance, preferably before the price actually breaks out. There's still a higher low in play so a breakout ought to follow through if it occurs from here. There was also an inside bar yesterday so there's a few things pointing towards a move here.I'll go long if it closes like this with a stop below the higher low of 127.5p. Original link...