SXX

screencast.com/t/ztOi0H8KGgP




Please bear in mind I know precisely nothing about this company. I'd never even looked at the chart until this morning. But I find it very interesting in that it repeats: it loves the 78.6% fib for retracing - been there on the last two occasions, and to 88.6% the time before that. The subsequent swings up have hit the 138.2% fib and the 150% fib. If this pattern continues into the seventh swing the 138.2 fib is at 55.56, and the 150% fib is at 59.22. Of course, there is no guarantee it will continue. Indeed, if this is the last swing up in the current pattern - it's taking it's time by comparison - then it will run out of steam between 100 and 123%, or 43.7 - 51p

All probably 'pie-in-the-sky' so take with a 'pinch of salt'

I agree with T/s. I can't see 21p holding. In fact, it's not all that often that a 50% retrace holds.

There's also the possibility of a wider market sell-off to consider.

I'll have a look at some cloud and P&F charts over the weekend too.

my "longer term trend view" also thinks around 18p from trendline and big picture fib 50

Thanks Jackozy. Are you thinking 18.5p because if the different supports (200ma, uptrend support and fib) as conceivably it could bounce off 50 percent fib at 21p?

Hi Bunkerjo,

I've put the supports on the following chart. 19.5p looks likely IMHO as that's the 61.8% Fib of the last rise and horizontal support with the MA 200 just above.



dl.dropbox.com/u/20815047/SXXdaily15_02_13.gif

Jackozy, if this closes below 24.5 would you se next entry point at 21? That's what it seems to me but not sure if there is a more probable point above this at 23. Sorry at work and can't post chart but will post later ( amateur as it is)

Bunkerjo