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POG daily 20/05/13

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Has Petropavlovsk finally found a bottom?

Well, we can't be certain but there are supports from back in early 2003 at the 117.75p and 123p levels and POG has formed a hammer at these with the possibility of a big RSI bullish divergence if it does bounce from here.

The safest strategy would be to wait for a 123-low breakout ie when the SP breaks to a new high after an initial bounce followed by a higher low. This will take several days to play out if it does occur. For those with a higher risk tolerance, it may be worth going long with a stop below the low of today's hammer of 116p.

Beware though. This downtrend has been enormous and there are actually gaps at 111p and 107.5p from late 2002 though all these supports are so old they may be a lit
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