In the last post I suggested that the breakout may be false due to the earlier breakout of price than RSI but clearly I was wrong on this occasion and HOIL has gone on to break 161p today to form a higher high.

The only issues to bear in mind here are the gap at 170.2p and the fact that it's put on a fair bit without any consolidation. Having said that, it may be a wave 3 since it came from a higher low so it ought to be a strong move if bullish rather than corrective.

Looks good for now but let's see what happens at the gap.