SGE

This looks like this is heading for a back test of the breakout point 326. So worth a long on the re-test with tight stops.
from recent share tips.


dl.dropboxusercontent.com/u/4899609/sge23rdoct.png

This is close to a 123 low breakout. So one to watch.
If this can finish above 327 then it could be bullish and and a confirmation of a breakout.For real strength to come it has to finish above 330.
This will be the first higher high since the correction from june.


dl.dropboxusercontent.com/u/4899609/sge18thoct.png

Shotry, you asked for a view on this. Timely too I think since it looks pretty good to me. Here's the daily chart:



dl.dropbox.com/u/20815047/SGEdaily25_01_13.gif

It's closed very close to the highest price for years (326.3p) and the RSI looks strong. I'd wait for a close above 326.3 and then enter long on a backtest of that level (assuming it does that).

There is a daily P&F target of 357 but the weekly has active targets at 381 and 387 which seem more realistic as the next resistance is 393.75p from 29 Jan 2001 - yes, that far back! A new high above 326.3 activates a P&F target of 474p on the same weekly chart.

The lagging line broke through the daily cloud on 30/11/12 and made a perfect backtest 4 days later so now both it and price are above the cloud which is also bullish.

Short term uptrend support was at 297.85p today and the main uptrend support from the 2002 low was at 264.21p.

I suppose the only concern is the Dow being so close to its all time high but we don't know whether it'll go through it or not or whether it would even make a difference to this stock anyway.