Sab Miller - will it break or respect range

Sabmiller maybe a good entry thoughts ?

Hammer off support and 200 EMA slso very close to 61.8 Fib retracement, stochastic looking oversold ...

123 low breakout..


dl.dropboxusercontent.com/u/4899609/sab280314.png

Hi Wave Rider - looking from your chart (weekly) looks like ABC correction in play - current in wave C, looks like 4 waves so far with a 5th to come ?

you say 300 point trading range ? if A (3682 - 2961) = C that target approx 2605, and that's roughly abt 300pips from where it is currently, should it break down.

will try n post up a chart when poss n look in detail

rgds WS.

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

sorry, forgot to post the link

Waverider,
Obviously there are no guarantees this has bottomed out. The RSI is not over-sold. There is support around both the 61.8% extension of the current move from the high at 3300, at 2993, and also there is a gap at 2705, which is not a million miles from 123.60% extension from the same high. If you want to go long I would hesitate until either one of these goals is reached, or wait for a break of 3101 to be sure.
This is solely my opinion and may be totally wrong, but I wish you the best fortune in whatever tack you decide upon

Watching this closely. It is trading in a range of about roughly 300 points if you look at the weekly charts and it seems to be at the bottom of that range...

Any comments highly appreciated.

Daily
dl.dropboxusercontent.com/u/4385922/SAB%20miller.png

Weekly
dl.dropboxusercontent.com/u/4385922/SAB%20miller%20weekly.png