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BLVN daily 23/07/13

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I didn't get my target entry of 53p on this so I've stayed out despite the higher low and higher high forming.

My reason for this was the proximity of the downtrend resistance and the 72/3p previous price support to that breakout level and indeed today we have a bearish engulfing candle right off the convergence between the short term downtrend and the old medium term uptrend as well as that 72/3p level just above.

The fact that it also closed below the 68.5p high leaves that whole move up from 56p as a 3 wave move and therefore more likely to have been the 4th wave up of a 5 wave sequence down IMHO. If that's the case I may yet get my 53p entry.

Watch out for that short term RSI support to come into play of it does hit that 
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