Price has broken down to what I think will be a strong demand area which also converges with prior oversold levels. On a fundamental basis its strong too - just suffered over the last few days from fears gaming has hit a near-term peak. I don't think we will be at this level for long.
The 5th tough here looks very like a false breakout which is a common bull trap. It's set a negatively divergent high also. Would like to see a corrective move back to 1240-1260 area here over the next couple of months.
Plenty going for this one. High volume selling into the LHS, drying up into the head then acceleration of volume out of it followed by low levels of profit taking to complete the RHS.
We now need to see volume rise up from this latest bottom and build.
The longer this set-up takes the more likely it is to invalidate IMO.
Price has a number of well defined historical boundaries. Firstly it is very respectful of the Bollinger Band bottom, top and mid. Se one we have a horizontal support atound 2800 carved out covering the full year 2018. This horizontal could be interpreted as a "neckline" as the overall chart structure resembles a large H&S, this line breaking would be bearish/a...
Price has broken down quite consistently with the main FTSE indexes in this case since around September - although topping and divergence now seen much earlier.
Price has fallen to quite a long term trended area of support where it has responded positively - this I feel is consistent with a horizontal test of the large monthly candle in 2017 where the price rose...
Price has held £7.30 area for around 6 weeks during the very intense selling from world equities. This area represented a gap to be filled dating back to 2017.
There is a further gap lower for those hoping for an even better entry. It's possible the price could hit this area but increasingly unlikely given duration of support at £7.30 (obviously further pressure...
These moves off the 50wk MA can be quite something on the FTSE.
D t worry too much about BREXIT on stocks - watch the FTSE follow the US markets higher in coming weeks.
Bottom is in IMao. This is now rounding off. Still volatile so hold tight.
Lower than 6975 & im wrong.
Traded Action Notifier Price Amount Value
11-Oct-18 Buy James Mitchell 1,142.10p 40,357 £460,917.28
08-Oct-18 Buy James Mitchell 1,201.40p 14,574 £175,092.04
05-Oct-18 Buy James Mitchell 1,189.40p 13,000 £154,622.00
20-Sep-18 Buy James Mitchell 1,129.60p 19,992 £225,829.62
Last 4 Director Buys over last 6 weeks to the value of nearly £1m.
This should reverse...