BLVN daily 26/09/13
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It's amazing how charts can look so different only a few days apart. I've entered long on this today (with stops below 53p for safety) because it looked like closing above the high of the previous 3 day's candles (and it did, just).
Normally I wouldn't be too bothered by that, but in this case we're not far from a significant support (53p) and the previous 2 days were both dojis. Also, there is a bullish RSI divergence against the 56.5p low, MACD histogam is on the rise (as is stochastic and RSI) and looks about to turn +ve.
This is still a risky position because there has been no confirmation of an end to the downtrend but there are early signs as described, and the price action today was much more positive, especially into the close where it touched 59p.
65p is the initial resistance, followed by 71p and the downtrend resistance at 76.8p tomorrow. I'd really like to see a higher low form off one of those resistance and then a breakout.
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