CHART ATTACK - Longs and Shorts. (epic char)
(CHAR)
goldfinger
- 12 Jan 2010 20:42
A thread created for the TA of charts on the LSE markets. (aim and plus included)
Beginners and advanced wellcome. Long or short, just post your views and lets have some positive discussion. FIRE AWAY.
NB, UK indicies and sector charts can also to be included in posters analysis
Had thought of shorting DOM a while ago but it now appears to have broken its longer term downtrend from 06/01/2011.
That upper trendline has been broken to the upside, 4th attempt at 500 could see it smash on through to first major resistance at 525, currently on a buyback programme (how much effect this has I don't know). I won't be trading it just yet but long seems the way IF it can break through 500 with a stop around 463 (low of the hammer posted 12/06/2012).
Also an ascending triangle which if it breaks 75% into the triangle is a strong signal it will trade in the direction of the break.
There was some heavy volume and big moves on Friday, particularly on some shares that have been heavily sold off. You can clearly see big volume spikes on a lot of the charts above. There was options expiry, but also at a guess I wonder whether there was some short covering ahead of a week that could see wild swings in either direction? Or could it be the start of a bigger change in sentiment? Anyway, a few that caught my eye... (but there's a lot showing similar patterns)