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LSE:DEB – Ascending Triangle

Trend:        
– Short/Medium-Term bullish
– Established ascending trendline
– Trading above 8/21/50/200eMA’s
Volume:      
– Volume Profile shows heavy volume around 81 and 78.5, providing likely support levels
– Note the contracting volume over the last 3 sessions – this can be a character of breakouts, but we’d want to see an increase in volume to confirm the breakout
Target:
– Point & Figure Chart (P&F) projects approximate target of 90.5 and confirm Triple Top breakout
– Ascending Triangle projects approximate target around 90.3 (also note that intraday looks like an inverted Head and Shoulders continuation pattern)
– The 90’s would be the minimum target, but also note the historical swing high (and psychological round number) of 100 as a potential target
Conclusion:
– A break below the trendline would invalidate the setup, but we’d need to see a close beneath the 8/21 eMA’s to warn of a short-term reversal
– Ideally we want to see a close above 83.9 on higher volume to confirm the breakout, but a more conservative approach could be to see if this level becomes support before entering long (and achieving a higher reward/risk)
– Otherwise beneath 81 is a sensible stop-loss level

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LSE:SPD – CHANNEL BREAKOUT

Sports Direct International (LSE:SPD) broke out of the channel to the upside on Friday to continue the medium and short-term bullish trend.
The bullish view is supported by price trading above the 50/200eMA’s and cloud (see Ichimoku chart) whilst volume and OBV (on balance volume) confirm buying pressure on the breakout itself. Another bullish confluence can be seen on the P&F ‘Spread Triple Top’ which also generated a buy signal above 295.
ENTRY: Live at market (assuming we don’t gap up) or wait for a retracement around 300
CONSERVATIVE STOP: Beneath the Hanging Man candle and 50eMA around 279
AGGRESSIVE STOP: Beneath Thursday’s candle around 288
TARGET: 330 (Channel projection)

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BSKYB (LSE:BSY)

– Today’s close beneath the ascending trendline/neckline appears to confirm the inverted H&S pattern (continuation)
– If the trendline holds as resistance then an interim target will probably be the 600-615 area
– The pattern projects a minimum target of around 550
– Note the potential support level around 654 – if this breaks then next level IMO is 600-615

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LSE:OCDO

– High volume Doji confirms support around 114
– We could retest resistance around 134
– Rising ratio line shows how the stock is gaining strength in relation to the FTSE100
– If 114 support holds it could provide intraday and EOD opportunities

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LSE:DXNS – Initial Target Hit

Initial target of 17.9 hit where price has now stalled, producing a ‘Riskshaw Man’ Doji. Next Target on P&F Vertical Count is around 27.5 but a sensible interim target would be the swing high/lows around 20

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LSE:RIO – Swing Trade

Rio Tinto (LSE:RIO) has been filtered today for a potential swing trade (short)

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LSE:BSY – A Pivotal Moment

Interesting patterns forming on BSKYB and the next couple of days could confirm either a short-term bullish view, or longer-term bearish view.
SCENARIO #1 (Favoured)
– A close above 705 confirms the double bottom
– Projects minimum target around 755-762
– MACD produced buy signal and weekly and daily
SCENARIO #2
– A close beneath the neckline confirms the bigger, more bearish view (last pic)
– Projects target around 484
– This pattern becomes more favoured if the descending trendline AND 705 resistance holds

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LSE:DXNS – (Dixons Retail PLC)

Following up from my post LSE:DXNS on 11th Jan – we had the upside breakout much earlier than anticipated (4 days later) and as of Friday confirmed an ascending triangle by closing just above the 15.5 resistance level and OBV.
The original trade idea came with a breakaway gap and broke the descending trendline from May 2010.

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LSE:POG Swing Trade

– I see enough confluences below to justify a short swing trade* for LSE:POG
– Enter beneath the low of today’s Doji candle, with stop above
– Initial target could be the recent swing lows, but as this is a potential ‘linear phase’ swing trade the system suggests to let half the profits run (if all goes well…)
– If we close above the Doji the order can be reviewed to reset the levels, or cancelled (depending on how it develops)
* Swing Trade rules have been taken from Marc Rivalland on Swing Trading where he combines Dow theory with his modified Gann Swing chart.

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