Glenxtrata

Gapped up today above resistance, looking bullish. Another one from the share tips section with a 123 low breakout recently.


dl.dropboxusercontent.com/u/4899609/glen160114.png

This appears to be heading for the gap at 309-313. Worth a long from there:)

dl.dropboxusercontent.com/u/7238706/Glen...LSE%29%20%28-%29.png

Well I've got this as a wave iii of 1 of 3 which should get this to 343, though not in one go. Wave 3 should get us, eventually, to 409.

The mark to pass will be 335, and ultimately 348: if it fails to break this then its a continuation of the corrective sequence we have see since the inception of Glen. I, along with plenty of others, am hoping this bottomed at 256 but, until it's proven, this could be considered bottom fishing

321p is still holding this back but there should be at least 10 pips when/if it breaks. I'm watching for either a drop back to the short term uptrend at c. 309p (gap fill from Thursday close/Friday open) to form an ascending triangle, or simply a break of 321p.

See earlier chart for reference.

Another great call remo, thanks.

320/1p could be a tricky area but the recent higher low is suggestive of a wave 2 (it fell between the 50 and 61 Fibs):



dl.dropboxusercontent.com/u/20815047/GLENdaily29_12_13.png

Main downtrend resistance is in the low 330s over the next few sessions but a break of these two key levels (321 and 330/5) ought to provide the momentum to deliver that wave 3.

Nice breakout.