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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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LSE:BARC – Bearish Pennant

– Bearish pennant appears to be forming with price currently trading beneath the 50/200eMA
– Ratio line between Barclays and FTSE100 broke its ascending trendline which shows Barclays is under-performing against FTSE
– Pennants can be messy patterns to trade and may require continual adjustment of the trendlines as the pattern evolves
– However if we see a clean break on heavy volume either intraday or EOD of day we can look to enter short and target the 175 area.
– Stops can be above 223 or lower, depending on how price breaks out (ie if we see a breakaway gap to the downside then use the gap to place your stop for a tighter reward/risk)

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FTSE100 – Quick Overview

The longer-term
– FTSE does appear to be struggling to get above 6100.
– Monthly candles look bearish in this area and the 40/80 day cycles, OBV and MACD make any solid gains look bleak.
– Only a convincing break above 6100 area would invalidate the bearish cycles – I’ve found these to be quite reliable in the past.

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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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USDCHF – Swing Trade

– A potential short swing trade has been filtered today on USDCHF
– The set-up is almost identical to the GBPCHF trade posted recently.
– A Spinning Top Doji has formed at the descending trendline, 61.8% retracement level and 261.8% expansion level
– An alternative scenario is for a bullish falling wedge pattern to be forming, but this could still allow for losses before the pattern completes (and would require a swing high to be broken to confirm)
– Entry beneath the low of today’s candle, stop above the trendline and 1st target the swing lows (or beyond… see how price develops)

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