Reaffirm sell in Rio….
Bears have been eyeing a major breakout in Rio Tinto for some time. Will it materialise this time? Note how the support trendline is being tested again. With no support underneath until 2000p, a...
View ArticleDouble top for Barclays?
Barclays could be on the cusp of completing a ‘double top’. Prices attempted to breakout at 350p in May and failed. This ‘bull trap’ led to a test of the range support at 270p (see right).
View ArticleA top for William Hill?
The recent market action is dragging most stocks down. No exception for William Hill. Technically, the chart pattern resembles that of a medium-term top. Persistent distribution around 440p to 460p...
View ArticleAstra to rebound from £30?
As a short-term trading buy,AstraZeneca looks like a good candidate. Whilst the pharmaceutical firm has had a firm decline since late May, the fall is now oversold. And, prices have reached the prior...
View ArticleNew highs for Direct Line….
Direct Line Insurance must be doing something right as its share price soared to new highs this week, amidst a highly volatile market.
View ArticleStock market recovery looks set to continue…
FTSE 250 eyes 14000 The global recovery in stock markets continued on Thursday. In the UK, many indices have encountered support near the 200-day moving average this week. For the FTSE 250, shown...
View ArticleNew highs for Berkeley Group….
The recent correction hardly registered on BerkeleyGroup’s price chart. Prices declined to the major round number level at 2000p twice but failed to break that support.
View ArticleTime to short Old Mutual?
Old Mutual took a big hit in 2Q. Prices virtually collapsed from 230p. Therefore, I am not entirely convinced that the recent rally will reassert the long-term price trend soon.
View ArticleNew highs for John Wood, buy!
John Wood Group became one of the elite stocks to reach new all-time highs this week. Even more encouraging is that it is on the cusp of breaking the multi-month ranging pattern – 700 to 900p - to the...
View ArticleBase breakout for RSA…
RSA’s price formation remains that of a base breakout - hence, it is still a buy. Technically, RSA is developing an uptrend from the base, a pattern reaffirmed by: 1) rising reaction lows from 110p;...
View ArticleStock market rally continues, with FTSE 250 closing in on the May high…
Mid-cap eyes 15000 The FTSE 250 index encountered support near the longer-term moving average at the end of June. This was in keeping with the oversold RSI. The strength of that support was confirmed...
View ArticleBarclays points towards 325-335
Barclays established a floor around 150 last summer. The advance from that level spilled over into a broad trading range this year. That pattern is dotted with failed breakouts, in both directions....
View ArticleSupergroup approaches 1000
Supergroup’s current rally started in the first half of June after support was reaffirmed at the 200-day moving average, at 642.5. Once lateral resistance around 800 yielded, last week, the advance...
View ArticleLonmin at base highs
In late June, Lonmin failed to maintain the drop under the April/May floor. A ‘bear trap’ recovery occurred shortly after. Typically, these target the upper side of a trading band, and this stock has...
View ArticleGo-Ahead Group inches over large band
The Go-Ahead Group has edged over the May high at 1591. Also, the price nudged above the 2011 ceiling at 1606 during Thursday’s session, with the daily high at 1607. More importantly, as this...
View ArticleCorrection is due for Cineworld
Cineworld Group has spent most of the month in overbought territory. Note the extremely high level of the RSI indicator, see lower panel. Friday’s reaction was on the sharp side and may well mark the...
View ArticleCupid is base building
The decline from 200 by Cupid ended in a dramatic fashion with the price accelerating to the low at 38 on 22 March. Note that acceleration is a trend-ending characteristic in technical analysis.
View ArticleHuge top by Providence Resources
Providence Resources has been trading within the confines of a broad trading band, between approximately 700 and 500, for about a year. The last rebound from the lower boundary encountered firm...
View ArticleBase breakout by Balfour Beatty
The construction firm,Balfour Beatty, had been trending downwards since late-2012, when the pinnacle was established around 320. The downtrend flattened in May near 210. The stock went on to...
View ArticleNew all-time high by Rolls Royce
Rolls Royce has spent most of July penned in by the May high at 1240. The drift from that area was checked yesterday after firm support was offered by the 50-day moving average. The ensuing jump,...
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