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BOR daily 16/05/13

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Shares like Borders and Southern which have suffered a massive gap down on a fundamental shift are always tricky (so, too, who have a massive gap up!) so we have to be very wary, particularly with AIM stocks anyway.

That said, there's a very shallow uptrend support in play here from the 14p low on 18/07/12 and this is mirrored by the RSI uptrend. This price support sits at 15.68p today so may be worth a long there with a stop below 15p (the low before last for safety). What this really needs, however, is to close above the downtrend formed by the lower highs since the gap down. That's at 21.52p today, falling daily. Should that occur, the immediate resistances are at 25p, 28p, 36.25p and 47.25p before we get to the gap at 60.25p. Clearly, a long way to go and I'd like to see the RSI break out of it's downtrend to give an early signal.

I'm not expecting much to happen too soon on this one.
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