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TPL daily 18/06/13

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Well, this is how it goes in trading sometimes - you watch and wait for a target and get caught out and miss the move. No problem, that's the game but well done to everyone who gained on this in the last 2 days.

My target was the 38-42p area - the 61.8% Fib - based on there having been an apparent 5 waves up plus further support at that level. I have no idea whether there's been any news or not but I won't be entering this now.

It'll be interesting to see how this plays out now as today's action closed back bang on the downtrend resistance (it's not got enough price history for any level to be really important) having broken out but this whole pattern looks worrying to me. I think it needs to make significant new highs to avoid a very bearish formation here but I've already been wrong on this once. Just keep an eye on that bearish RSI divergence - it needs to be cancelled by a new RS

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