POLO - just because

Basically just did a quick chart of this because someone somewhere asked for it randomly on a bb, so had a look

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ashlog,

See chart:






It has just bounced off the resistance channel on a descending triangle formation. Usually a bearish signal. There is intermediate support around the 2.6 level, but more often than not that support would fail as it wants to retest the 2.28 support. 2.28 is a fairly strong support level, especially for this formation.

It is nearing the apex of the triangle, which points towards a breakout soon. This is the interesting part. Usually this is a bearish formation - however, the recent break of an RSI resistance trendline indicates bullishness on the recent rise. Also, as previously stated, 2.28 is good support - so there is a chance of a breakout north, but it may move south to 2.28 first before it even tries.

Basically - it is NOT a buy where it sits at the moment, but if I were to trade this, I would buy on any touch of 2.28 - or any break out and retest of the current triangle.