Reed Elsevier

Closed @ 692

I'm well mate thanks hope you and yours are too

Retrace from 662.50 to 625 was about 37 points
It also roughly forms the base of the triangle from which it broke out to the upside




If you add 37 to 663 you will get 700

If you plot fib expansions you will get similar sort of figure

Pls bear in mind that it is only an INITIAL target as I expect FTSE to go around 7000 level so this stock should also go a lot higher
But i will bank some profit at 700 and then let the rest run as a free trade

PS - Sorry for the crude chart mate but i am not near a computer now so have posted whatever i could manage from my ipad

It would have been nice to get in at 550 or so:

dl.dropbox.com/u/4385922/reed.png

weekly breakout..

RedChilly - hope you are well mate.

how do you calculate the 700 p target?

follow-up chart



SL moved to below fridays close

Initial target 700

nice rise after close above 662.5