SXX - Jackozy

OG,

I wouldn't automatically buy the breakout of the RSI downtrend as it's just not that simple and it's a very short term downtrend so a breakout may be false.

I would automatically buy 19.5p however as that's a known support and a Fib level and perhaps more importantly if you're not a trader but believe in the company's fundamentals it's also a good entry for a longer term hold.

The problem with buying the RSI breakout is that there are clear resistances ahead - the gap and 30p so actually it would make more sense to wait for a break of 30p if 19.5p doesn't come.

Hope that helps.

Jackozy,

Your post 14:18 is very helpful. I feel that I really learn something. Many thanks.

Hi Jackozy,

You are so so right. Today 18.75 - 19.5p. Quite sometime on 19p-19.75p. I must admit that you are master of trade. I exit 5000 CFG SXX at 19.5p. Me think that this share uncertanty is quite sometime and margin is 25%, and I have to reduce the size.

OG

Thanks OG but I am still learning and certainly no master!

I didn't buy 19.5p after all, partly because I was travelling yesterday (am back in the UK for a week!) but also because it didn't give a convincing bounce. I'm content to wait until there's been confirmation of a low.

There's further support at 18.5p but it that goes then the main trendline is c. 13.5p.

I'm not sure this is the bottom here yet and can even see a sub 12.5p possibility of 18.5p doesn't hold.

I won't be trying to catch the bottom on this and am happy to buy at a higher price if need be as a long as there's been confirmation of a low.

Cheers.

Sirius appears to love the 78.6 fib. That said 16.4p could well be the target for this retrace.

From there it could go two ways: obviously, up or down:)It will either retrace 50-61.8% of the ((b)) wave and then head down to 8.5p: being approx 78.6% of the entire move up to 37.19; or it will head north towards 40 - 42p. IMO the area to watch will be 24p ish. If it breaks the resistance at 26.2 this should head for the high ground, whereas as failure will lead to the 'patience area'

Sirius appears to love the 78.6 fib. That said 16.4p could well be the target for this retrace.

From there it could go two ways: obviously, up or down:)It will either retrace 50-61.8% of the ((b)) wave and then head down to 8.5p: being approx 78.6% of the entire move up to 37.19; or it will head north towards 40 - 42p. IMO the area to watch will be 24p ish. If it breaks the resistance at 26.2 this should head for the high ground, whereas as failure will lead to the 'patience area'