SXX - Jackozy

Here we go - bang on the downtrend resistance and gap at today's high:



dl.dropboxusercontent.com/u/20815047/SXXdaily03_05_13.gif

I'm out now and wait for a retrace or a break of 30p

projected move if either the tri or cup n handle play out are :

note this is monthly chart... so can coil in this zone until ready to break one way or another

approx 50p - for asc tri
42p - for CnH.

upward trendline must hold.

lovely candle on the monthly

also cup n handle formation possible - it's monthly chart - so looking like ~22p or 50% of April monthly candle needs to hold....

looks good tho

This is now approaching significant resistance at the gap, downtrend from the all time high and 29/30p area:




dl.dropboxusercontent.com/u/20815047/SXXdaily01_05_13.gif

I'll be out at this point and waiting for retrace or a break of 30p

This doesn't appear to have been discussed recently according to the search facility on here but it's been true to form and behaved like the very good little TA puppy it is




dl.dropboxusercontent.com/u/20815047/SXXdaily26_04_13.gif

As it turned out, 18.5p did appear to be the bottom, at least for now. Since then it's made a nice higher low at 20p and on Wednesday closed above the initial rise's high for the first time. This followed a nice downtrend breakout which was also preceeded perfectly by the breakout and backtest of the divergent RSI downtrend. This is absolute textbook stuff.

Resistances are at 26.25p (previous low), 28.75p (gap), 30p and 36.75p. There could be a nice cup and handle forming with a 30p rim here which would have a 47p target and that coincides with a possible wave extension target of the move from 12.625p to 30p to 18p

You have to be patient with this share but it follows the technicals better than almost any other share I've seen.

Thanks to Jackozy and diver993 for sharing your knowledge. Again you are right, sp could go down further, according to today’s RNS.

Firstly, the revised determination date - 2nd July, 6 week delay. Think about that after May the market goes down turn as usually. How can sp maintains this level until July, though at this moment is up to 21p for sell ?

Secondly, there is some events market in panic.

I have sold/exit 75% totally now.

PS: Sorry, I forgot yesterday you travel, are you in UK now?

OG