I often find all manner of reference to Technical Analysis whilst reading threads, questioning certain elements, asking for advice on indicators and also requesting advice on a stock and whether it's a good time to buy, sell, hold or remain indifferent. I am the first to admit that my own TA is still in its infancy, but I do spend time on expanding my knowledge (hopefully in the right direction!).

Rather than having to ask a TA question on a particular thread, perhaps this thread could be used as a forum for TA queries and become a knowledge base. Just a thought, if there is little or no interest, the thread will sink without trace and that will be the end of that. I will personally add a few snippets to help those with less knowledge (if that's possible) to keep things rolling. There is a danger that the thread will receive countless requests for opinions on a variety of stocks and there is only so much I can do alone, therefore I would more than welcome input from other posters, no matter how rudimentary they believe their own knowledge to be, hopefully some real experts will take the time to contribute.

Maggie's I believe - EMG

640p proved too much of an obstacle today, coinciding with a bounce off RSI res, so not unexpected. I think I have spotted a different channel (white dashed lines)to the one previously drawn. This would appear to suggest that any downside is limited to that previously thought, so if there is a continued fall, 600p may well offer some support, rather than 575p.

pth

MLR bounced off its rather steep trendline intraday, but there is certainly weakness as demonstrated by a break to the downside through the RSI support. Still expecting a fall to 12p during the weeks ahead.



COH chart is not pretty, fell through two support levels today, MACD has crossed down and I'm afraid somewhere in the region of 34p looks on the cards, unless something happens rather quickly to give the SP a much needed lift.

Thank you, exactly what I said here earlier today on both.

Thanks PTH I continue to watch and learn.

Thanks PTH , can you show rgm and let me know how this looks .

one of you swing failures on the ftse100 but would not read too much into it cos we,re chained to the DOW at the mo

md

Haven't looked but works best when below 30 above 70. I wouldn't rely on it at all anywhere between.

pth

you are right but you can draw a nice straight line acroos the tops of the rsi , if it was not a big results week in the US might have taken a short on the ftse

Does it indicate anything if the RSI is trending down but the sp is trending up? Please! Think I have read something about that on the thread but can't find now so forgive me if you have to repeat will read carefully this time. EMG down another 14 today am watching for support to kick in so far you (and me too )'ve got it right :o))))

Maggie, any indicator that is trending in one direction whilst the SP is heading in the other is termed divergence. You can have Bullish and Bearish; for instance if you can draw a downtrend across the top of the RSI (like EMG) whilst the SP is heading North you have bearish divergence, a possible sign of weakness and that at some point there may be a correction to any previous rise. In EMG's case it wouldn't be that pronounced were it not for the fact it did seem to get ahead of itself in February. Actually, you can also draw an uptrend on the RSI for EMG (I'll do that later), which would suggest that the SP is in consolidation mode of a sorts.

I take it you took profits further up, so well done you :))

Must say this looks like a cracking trading share :))

pth

Edit: I have edited this post in view of the following updated chart.

Hi Maggie, just updated the chart; I have drawn in the SP support level at 600p, which you can see acted as pretty robust res in Feb, May & Jun before the breakthrough. Now this res should have become pretty good support but has failed on two occasions since. Theoretically it should have, but didn't so I would treat this level with some suspicion. If the SP is in this new channel (white dashed lines) then immediate support in trend world is at 592p ish. It may be that there won't be too much movement tomorrow or the day after in which case this support line, the 50MA and 600p will merge offering a much better platform for the next leg up. I have also added a RSI uptend support line, keep an eye on this as any fall through here will indicate further weakness and a possible return to the shallower channel with associated lower rising support. If everything holds think I would be looking to go long Thursday or Friday from 595p - 600p, could all have changed by then though :)

pth

Thanks again PTH am really getting hooked on this but have a lot to learn. I did take profits with EMG which are helping to cushion my losses - too long to list - The divergence question referred to UKC which I have been watching but not trading I think it could be a good trading share

Sorry question didn't refer to UKC at all and I can't remember now which share it was maybe I should just crawl into my box either that or give up atching sooooooooooo many shares!

PT I hope you are trading some of these now.....as we discussed before.........you don't seem to be far wrong. All the best
Garfee

PT, I've now saved a TIFF a GIF and a BMP file to my desktop and I can't get either one to reproduce here. What I'm trying to do is demonstrate the Tate & Lyle chart and ask your opinion. I think I've identified two significant trend lines, one with four confirming touches in 2004 and the more recent, significant?? one with a whole bunch of touches in March this year and confirming touches in Feb/Mar 2003. Looks to me like we've strong support at 560 ish with an upside target of 800ish once the 660 resistance is out of the way.............wish I could do charts. What do you think Oh Mighty one??

garfee

Been out all day hacking around a rather good golf course, but spoiled by my rather feeble attempts. Will take a look at T&L and I think Fliper asked for one as well.

Maggie

Read EMG spot on, didn't think 600 would hold and a bounce from 588p as opposed to my predicted 592p (bugger 4p out). Wasn't expecting the volatility today though, but the markets are like that at the moment.

Unfortunately WNG fell back which came as a surprise, need to look at the RSI on that one and see where we are now.

Charts in a bit.

pth

EMG.

Depending on what happens tomorrow the steeper uptrend looks like it could be the 'right' trend for timing trades. 588p was the low of the day, which was a bit more movement than I expected, but it bounced right off the trendline and even recovered to sit on the 600p level. RSI is now sitting on rising support and not a lot to be gleaned from the MACD. The only other aspect I can draw attention to is the candle today which is more or less a 'long legged doji' a candle with a negligible body and equal upper and lower shadows. But all you have to know is that it reflects considerable indecision on the part of the market.

Difficult call tomorrow, personally I would be looking to go long, it was a good bounce today, but would wait for direction from the market to confirm a bounce off the RSI and also just in case there is a re-test of this channel.

pth

Evening pth,
Good thread and read,cheers.

Hi Mick, many thanks, good to see you still flying the flag for GON and MDW, you have the patience of a saint!! LoL.

WNG

Slightly disappointing dip for WNG, although not surprising considering the FTSE fall and the general volatility of this share. However, not all is yet lost; buy signal generated by the RSI has not failed just yet, today's retracement is now testing the signal which is not unusual. Often having broken through a res level, SPs then fall back and use the same res as support. Still waiting for the downtrend res on the RSI to be broken, which would add credibilty to any recovery. MACD signal is trying to cross up. This may be a good place to open a trade or perhaps add with a tight stop at 90p. Again look for direction in the morning before taking the plunge.

pth