POG - down 30%

possible 123 low breakout????
Its happening right now.
Ive gone long on this now and my stops are below 120.
This also sneaked above the down trend line recently. I say sneak as it went sideways.
Stops are a must.

From highs of 1700 this is almost in the dust at current prices. Sure can't go much lower as a 100% fib extension on current action shows an SP of -(minus)5.3p

Maybe a squint at some 'fundies' would be in order?

Sorry, forgot to add the chart as well as the link:

Just updated this on the blog section.

There appears to be a higher low and a short term trendline break following that hammer so a close above 135p would now create a higher high and possibly target the 154p resistance:

dl.dropboxusercontent.com/u/20815047/FTS...POGdaily29_05_13.gif

Close up on the daily chart shows gap down, hammer, gap up:



dl.dropboxusercontent.com/u/20815047/POGdaily21_05_13a.gif

There are also RSI, MACD and OBV divergences on the 4H chart:



dl.dropboxusercontent.com/u/20815047/POG4H21_05_13.gif

Just FYI. Still best to wait for a 123-low entry after that downtrend.

Whether or not that was a head and shoulders, Shotry, your call of 117p was pretty good as it formed a hammer there today:



dl.dropboxusercontent.com/u/20815047/POGdaily20_05_13.gif

I posted previously about a long ago support from 123p in early Feb 2003, and there was another at 117.5p just before that. As remo said, the best play on this is to wait for a 123-low. The more risky option is to enter now (or at about 122/3p if you can get it) with a stop below that 116p low from today.

It's not far to the shorter term downtrend which was at 137.9p today (it'll be lower tomorrow) so that's another level to look out for in the next day or two.

There are gaps from late 2002 at 111p and 107.5p. Are these supports still valid from so long ago?