IMI PLC

This gapped down today and is heading towards support and upward trend line, if it breaks both then it could possible signal a correction so one to watch.

Good example of how important support and trend-lines are, this touched support and bounced straight up.

This looks a good possibility and may well make 1550, though I'll probably chicken out at 1500 Certainly the fib structure is sound. I will enter on a break of the downtrend line from 1370 which is current 1260 but DYOR.

This is looking good for a retrace to the target area between 50% and 61.8% fibs before proceeding higher.

This is bang on the trend line....
Normally id go long from here. But now with the markets the way they are im avoiding going long from the trend lines for the time being.
But i will short this if it goes through and back tests the trend line with tight stops.

If this goes through by 4.25pm i may take a small short with 20 point stop.


dl.dropboxusercontent.com/u/4899609/imi21stjune.png



dl.dropboxusercontent.com/u/4899609/imi21stjune1.png

ive gone short now with a 20 point stop