Polymetal - cup and handle

This has been in a nice down trend since january.
This has finally given a 123 low signal.
ive gone long on this and my target is the main down trend line currently at 749.
My stops is below the 2 point so a bit far away for my liking so i had to reduce my bet to allow this distance.
This is from the interesting chart section



dl.dropboxusercontent.com/u/4899609/polyp31stmay.png

FYI if not following POLY 1121 Intraday low today prior to 13.46 RNS (re dividend exchange rate), currently 1137 odd.

If DYOR, POLY is in FTSE 100 (Russia and FSU). Always a chance of consolidation with other smaller FSU gold miners and the chance of the very large (4 times bigger) POLYUS (also Russia and FSU) merger as rumoured,further to POLYUS being prevented from joining FTSE by Putin.

1114'sh another day I guess.

This was a false breakout after all.
Its now approaching its main up trend line.
Im gonna go long at the trend line(1114) with a 10 point stop on a first touch basis trade.



dyor

This one has broken above the cup and handle breakout point so a good entry will be a back test at 1184.
stops should be below 1143.



dyor

Thanks guys, that makes sense. I will watch tomorrow with great interest.

as long as the price finishes the day above the resistance then its classed as broken through.
The best level to enter will be on a back test of the old resistance which is now support.
if on the other hand it breaks back through the following day and finishes below ,then it could be classed as a false breakout. False breakout do occur a lot so its important that on the re-test it holds. If it holds then expect higher prices to follow.