[CRYSTAL BALLING - MAY 6TH - MAY 9TH]
Big exam on Wednesday, so short and sweet this week I'm afraid.
Autonomy (AU.)
Recently formed a false head and shoulders formation and briefly dropped out of it's long term channel trend line - but has moved back in with some strong bullish moves. AU. sits in an ascending wedge. This is looking good for a rally to at least 1000p for 12%. The reasoning behind this are the wedge formation, oversold and up facing stochastics, MACD on the reversal and the directional movement indicators also on the reversal.
We need support first at the fast line ema and further support at the lower trend line for confirmation. A break of the other emas is a good sign here. Price target of 1000p, stop loss 1% below the trend line.
West Canadian Coal (WTN)
Quick play on coal prices and solid upward trending chart with higher highs and higher lows. The stochastics line up well with the support line, indicating a reversal for a new high is on the cards. Any move up on Tuesday should provide confirmation of the continued trend - look for a break of the fast line emas - as the rally hasn't really been below these before to the same extent. I have seen better ADX and MACD so just watch for confirmation before you enter.
Price target of upper trend line or within 2% of it.
Johnston Press (JPR)
Taken a bit of a hammering for quite a while now and is currently settling at some 2006 sup/res range. Think we could see a quick scalping opportunity to 8% on current price within a few days. My reasoning for this is that bottom fishing plays on bigger companies have provided some good returns on my analysis lately - and also the double bottom, stochastics situation, directional movement situation and some good divergence on the MACD.
Target price of 145p, stop loss around 124p. Tread carefully with this one as the trend is down, no doubt about it. To me this solely represents a quick trade to 145p. A break of 145 might be worth some new analysis - a break on the downside of 124p indicates a shorting opportunity.
Petrofac (PFC)
Looking good here. Another oil price play and solid looking chart. All the indicators look good for a run to the upper trend line here - which is your initial exit point. I believe that we might see a break of that to some loftier ranges based on the indicators at hand.
Should find some good support at 592 now.
Was going to cover Centrica (CNA) too but too risky I think.
Autonomy (AU.)
Recently formed a false head and shoulders formation and briefly dropped out of it's long term channel trend line - but has moved back in with some strong bullish moves. AU. sits in an ascending wedge. This is looking good for a rally to at least 1000p for 12%. The reasoning behind this are the wedge formation, oversold and up facing stochastics, MACD on the reversal and the directional movement indicators also on the reversal.
We need support first at the fast line ema and further support at the lower trend line for confirmation. A break of the other emas is a good sign here. Price target of 1000p, stop loss 1% below the trend line.West Canadian Coal (WTN)
Quick play on coal prices and solid upward trending chart with higher highs and higher lows. The stochastics line up well with the support line, indicating a reversal for a new high is on the cards. Any move up on Tuesday should provide confirmation of the continued trend - look for a break of the fast line emas - as the rally hasn't really been below these before to the same extent. I have seen better ADX and MACD so just watch for confirmation before you enter.
Price target of upper trend line or within 2% of it.Johnston Press (JPR)
Taken a bit of a hammering for quite a while now and is currently settling at some 2006 sup/res range. Think we could see a quick scalping opportunity to 8% on current price within a few days. My reasoning for this is that bottom fishing plays on bigger companies have provided some good returns on my analysis lately - and also the double bottom, stochastics situation, directional movement situation and some good divergence on the MACD.
Target price of 145p, stop loss around 124p. Tread carefully with this one as the trend is down, no doubt about it. To me this solely represents a quick trade to 145p. A break of 145 might be worth some new analysis - a break on the downside of 124p indicates a shorting opportunity.Petrofac (PFC)
Looking good here. Another oil price play and solid looking chart. All the indicators look good for a run to the upper trend line here - which is your initial exit point. I believe that we might see a break of that to some loftier ranges based on the indicators at hand.
Should find some good support at 592 now.Was going to cover Centrica (CNA) too but too risky I think.
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