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SXX daily 24/05/13

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Sirius has tested the 26.5p level again today. This is the level to break for a higher high which will give a 123-low breakout since the drop to 22.5p. As can be seen, there's a small ascending triangle forming here which has a target near the 30p resistance level.

In fact, there's a lot of resistance ahead but it's all approximately in the same place. We have the main downtrend at 28.3p today, the gap (now filled but still resistance) and recent high at 28.75p , and the 29/30p level which stalled the rise up from 18p.

Overall the pattern remains bullish with a large cup and handle nearing completion from late 2011. This has a target of c. 47p which will become active on a close above 30p. Given the quantity of resistance just ahead, it makes sense to expect a strong move if/when it gets broken so this C&H target is not unreasonable. The RSI also remains bullish > 50 and is providing good support.

As long as that RSI support and the small triangle support are holding then it looks good for the uptrend to continue.
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