The Student Loan Ranger

Fantastic morning for me on what was supposed to be my first day trading "full time". I had to go into school to wrap up CAD and that was dusted after I traded for 25 minutes this morning and made a good 3 figure sum which has already surpassed my weekly target.

SCHE was the star performer. This dropped as low as 75% down on Friday, our trigger to short was sub 315p, however it opened down at 150p and hit lows of 50p which is just insane. It recovered later in the day, but tomorrow should be interesting.

I also traded TNI after reading a bad RNS, this stock has been crashing hard - and this provided a good chance to scalp out. I made good money in TNI, more so than in SCHE because I took a bigger position. Unfortunately for me the same old curse was college, as I sold out before I left because I couldn't manage my trades while away. Had I held both I could have made over £1500, but at the end of the day, I took profits, and there was no guarantee I wouldn't have sold early anyway on retracements.

Most of the stocks on the list are showing excellent form, and this week is looking to provide at a guess over 10 entries. I'm excited about tomorrow, and my focus will be on momentum plays for the first hour, followed by a closing trade or some to hold for the next few days. Downward momentum is just so strong right now, that you can literally choose a stock on selling volume that has opened down and ride it for a 20 minutes. I did that this morning with both and I was instantly in the blue on both trades.

I've also been checking out some past charts and the CIEN chart from a few weeks back has developed absolutely perfectly in line with my analysis and is down 25%. Interestingly here we approach a double bottom, in the UK I would be very bearish leading into this, but it should be good to watch what happens with US stocks.

The following stocks gave triggered entry signals today:

• BG.
• DGO
  
• CBG - wait for confirmation over 550 tomorrow
• RRS - knife candlestick requires confirmation tomorrow
• PMO SIG TLPR a matter of pence away and expect signal in next 48 hours
  

It was going to be a small watchlist this week, focusing mainly once more on the stocks mentioned in last weeks CB. I had 2 or 3 new ones to add before I got to the S section, which has provided 8 good setups that I will have to whittle down.

This week I have started a watchlist rotation scheme, and I will also include a price alert section at the end, where charts aren't really needed. All you really need to know in these situations is either a simple moving average movement or a key price level. It's easy to set these alerts up in prorealtime or whatever else you use.

As for the stocks that maintain their position from last week, assume the same technical analysis from their original CB inclusion, or any new trigger prices mention in the Weekly Roundups. Click for last weeks Crystal Balling and Roundup.

Watchlist rotation

KGF MARS

SIG SCHE TLPR

AFR ENRC DGO FXPO RNVO WPP CBG

Signet (SIG)
Descending wedge and triple bottom here on SIG. I included this because there have been a significant amount of breakdowns on this setup lately, and SIG could do the same. Despite this fact, SIG does some indicators going for it as a long.

In terms of prices and movement, the support of 50p looks relatively strong at the moment. A move down should coincide with the fast line MA (10), on selling volume. The stochastics are oversold and looking up, but we have been here 2 weeks ago and look what happened. Divergence on MACD is encouraging, however I feel a break of 55, and preferably 60p would give an indicator to go long with very tight stops.

Ideally, I would look for a breakout of the wedge before opening a long position and I am bearish on SIG this week.

Southern Cross (SCHE)
A similar setup to SIG, SCHE has just broken a triple bottom as it looks to find support at resistance from late 2006 at about 310p. This is a very clean and simple setup, and I would not consider a long entry on SCHE, I am focusing only on a potential breakdown of 310-300p here, and the downward momentum that comes with it.

Trigger price is sub 310 with a lot of sellers in the picture.

Tullet Prebon (TLPR)
I traded this about a month ago, a good swing trade where I bought the bottom of a descending wedge and sold out at the top of the trend line. It has since dropped back to that wedge support, and despite a big wick down on Friday, it looks poised for another rally (albeit a smaller one).

Look for a closing price above 435 before entry, my short term price target is 460. The selling point will be when the price reaches the 100MA, as this has led to the drops in the past. Short TLPR below 400. The price is a little lower than normal here, as TLPR does tend to wick and that could be misinterpreted as an entry signal.



ALERT Section

• I expect a short term drop on XTA until the 200MA - expect strong moves off this, and check the chart over the past 3 years for this significant MA.

• Strong close of week on RRS, look for continued momentum on breaks of 50MA with targets between 2400-2600.

• Breakout retracement and bull flag break confirmed on Friday on BG. Holding 100MA very well. Long on 1260 to 1400. Short on breakdowns of 1190.

• CNE also holding 100MA very well with another breakout-retracement. Short sub 2900. Breaks of 3250 look good to 3500.

• Trendlines, MAs, and breakouts look good on PMO which nearly made the watchlist proper. 1650 entry with targets at +1750. Short at 1400 down.

• REL on support penetration sub 550.

• SGRO on descending wedge sub 380.

• SVT looking good for a drop to at least 1250 at the moment.

• Big long term head and shoulders on SHB which is currently at a very critical S/R level. Things looking grim over a longer time scale here, needs to breach 375 and is at 2.5 year lows.

• INCH on double bottom, 315 support. Break 10MA first.
  

I'm looking forward to next week, as after Monday I should be done and dusted with college for the year. This should provide me with a good opportunity over the next 2 weeks to see how much I have progressed as a trader and technical analyst over the past 5 months. By rotating my watchlist I should get a better eye for specific stocks and sectors, and also watch my analysis develop fully, rather than trading the start and closing out when I update the watchlist the next week.

I think the core watchlist is pretty solid this week, and the alerts section should also provide some good trading opportunities. From the alerts I like BG., PMO and SHB the best. XTA is probably the best setup for a long I've seen for months, but I don't imagine it will hit the 200MA anytime in the next week.

I liked the watchlist this week, the stocks have developed well over the past 5 days, and after this week I will be working a watchlist rotation system so I can continue to monitor the stocks that continue to follow my analysis. By constantly watching a select group of stocks I will hopefully be in a better position to predict their movements.

Due to college commitments, which were pretty heavy this week - I was only able to make one entry this week. I traded JKX and held for a few hours and made a good trade. I had to close because I was due at college, and my new broker doesn't have a web platform to monitor trades while I'm away from my own PC.

The early volatility spooked me a little, and I wanted to lock in profits before I left for college. Had I held I would have made an extra £250, but as it is I feel I made the right call to take the money, as you will never go broke if you take profits.

Afren (AFR)
I said on Sunday that AFR was "showing early signs of finding support at 160, the 50 day moving average, or the ascending wedge trend line". AFR found the 50 day MA, the 160p price level, and depending on your pencils thickness, the wedge trend line.

AFR hammered on Thursday and had a strong up day on Friday, up 5% and closing at daily highs. All the analysis from last week still applies to this stock, and the signs are good for a strong rally to new highs next week. AFR has strong support at 160p at the moment, and thus represents a good long opportunity with stops at around 157p. I would put a conservative price target of 175p in the immediate short term, with a potential breakout looking good.

Any negativity in AFR will come in the form of bear movements around the 50day MA or a breakdown of 160. I will continue to monitor this stock next week.

Dragon Oil (DGO)
This hasn't given a signal this week, I keep switching from bullish to bearish, however Friday seemed to give indications of a turnaround in favour of the bulls. The 400-450 range still applies, and Friday also moved well off the upward trend line.

Negative divergence continues on the MACD, and the stochastics haven't been too great an indicator for the past 3 or 4 weeks. I will continue to monitor, with a break on strong volume over 450 my leading indicator. 400 remains support, and should this be breached, I would enter short with stops at 410. I am currently bullish, but I will most likely change my mind several times this week.

Ferrexpo (FXPO)
I was hoping for big things from FXPO this week, given its inclusion to the FTSE 100. On Friday, FXPO did give a sell signal - but this happened to coincide with the price finding the 50 day MA, and the stock rebounded off the lows of 381 to close at 395, 5p below our short entry sub 400.

Breaks of 440 still apply for longs, but as for shorts I have re-adjusted my entry point to 380. Despite the so-far successful short trade in FXPO on triggers, I keep some confidence in it as a long. The best signal with this one is a bounce or a crash off the 50 day MA on Monday or Tuesday.

Eurasian (ENRC)
Incredible accuracy this week in ENRC, as it trigger the short entry price of 1400, and then reached our cover price of 1300 before closing at 1340 on Friday. The bounce on Friday was off the trendline, however, due to the down moves this week ENRC is back under the 50day MA.

Pleased with how this one turned out. And the current 1300-[1400/1500] range offers some quick trading opportunities. I will track this using the same analysis as next week. Keep an eye out for 50day resistance, as well as 1400. Stochastics look pretty good, but the divergence on the MACD is not very encouraging.

Kingfisher (KGF)
This weeks "yawner", KGF didn't really do much of anything. New lows haven't come, and the range is quite tight. Good divergence on MACD though, and I believe KGF will continue to consolidate until it hits the 20 day MA before making a drop or a rise below the short trigger of 110p. No need for a chart here, and I will move this off my watchlist.

Marstons (MARS)
Marstons was a slight more exciting than KGF, as at least we got a signal here. Our trigger to enter short was "further drops on Fridays close (183)". Our signal came on Monday, and the stock has tried to breach the new resistance at 180 a few times, after being as low as 172. Closed in the profit this week.

No real need for a chart here either, and new entry prices include sub 170p and breaks of 200 with 180-200 a trading opportunity for the brave. I am so far undecided as to whether MARS will be on next weeks watchlist.

Renovo (RNVO)
This stock is shaping up nicely and is showing some nice signs of a break out. Not only did RNVO close at highs on Friday, it bounced well off the 20MA and the short term ascending wedge trend line.
No entry signals this week on either side, and the entry price of 43p on volume remains the long entry. Short on a breakdown of the ascending wedge, the moving average, or a horizontal support price of 35p. On a time-scale note, the wedge will be penetrated this week, so I'm looking for a move outside this wedge next week for a signal - but be wary of consolidation in the 35-41p price range. RNVO maintains watchlist status.

WPP Group (WPP)
Yogi bear has nothing on this stock as it continues it's downward momentum. The negativity over the past 8 months I mentioned last week has continued through the past 5 days as it edges towards all time lows at the lowest price in over 3.5 years. WPP has also completed a very long term head and shoulders over the past 2.5 years (fully formed 2 weeks ago), which would technically give us a price target of 400p.

As for last week, our short entry price was 520, it was triggered and WPP closed the week at 483.75p, down 7.5% on the week. I will keep watching this next week, as I believe this is going nowhere but down to the 400p price target given by the head and shoulders. The H&S pattern was fully formed when WPP closed below 580 - and look what has happened since then - trademark waterfall action and down £1 and 20%.

I also mention in the watchlist I was monitoring a few stocks based on trigger prices alone, and didn't include the charts. These were TATE, JKX, SFR, SXS and EME.

I traded JKX on the 440 support or meltdown scenario, take a look at the chart for the reasoning. I opened at 481 and took profits very early for reasons mentioned earlier at 491. I really should have held, but I had to make a call. I really like this one going forward, and will be looking for drops caused by profit taking next week.


SFR had nice movements, but I missed these ones. I mentioned SFR long on breaks of 282, but the triple top from the week before took it's toll, before it crashed against the 20MA and dropped hard as low as 220. 260 is now resistance on SFR, and I am bearish on the stock that 'The Student Loan Ranger' traded first.

TATE made new lows but consolidates under 400 (the key price at the moment), while EME continues to hold around 50p.

The answer of the "Will SXS hold support at 711 a third time?" was no, and it closed the week out at 698. However, looking at the chart, the support/resistance zone is quite large, therefore it is probably not the best stock to make a good call on.

This week I have learned that it is good to zoom out to a 4 year view of trending stocks to try and identify key patterns that have evolved over a greater time scale. WPP is the best example of that this week. These patterns will give you a greater understanding of where the trend is likely to head in terms of price. Although I will still make calls based on the yearly chart and the patterns contained therein, it is good to have a backup target in case a trade really starts to work for you.

KGF and MARS at this early stage are watchlist casualties, to be replaced by better setups. On a side note, I'm having issues with Java at the moment, and can't launch prorealtime. If I can't run my scans, then I will have to focus on the stocks above, and maybe a few charts I can check on the simplified version of PRT.

Post script realisation: 100% success rate on traded trigger points this week!

Bit of a new look Crystal Balling in terms of the charts this week. This should reduce the amount of time it takes to write everything up, time is limited this weekend. This week I'm trying to keep it a bit more simple, focusing on more solid patterns and potential breakouts/breakdowns. A couple of new lows in here too.

Afren (AFR)
I've been watching this one for a while - and I'm trying to keep monitoring past watchlist charts as many of them get stronger in the following weeks. AFR has been in an uptrend for quite some time, and this new phase sees it consolidate between 180 and 160. In the more short term, it has formed an ascending wedge after a breakout at the end of March.


AFR has found support on this EMA since the initial up moves. A bearish rejection of 182 earlier in the week has seen this slip back, with the stochastics dropping down. These are the early signs of AFR finding support at 160, the 50 day moving average, or the ascending wedge trend line.

My entry signals long are breaks of 185 to targets at 220, while my entry points short are breaks of 155 to 140. Quick fingers could trade inside the range, but I'm looking for higher probability trading.

Dragon Oil (DGO)
An oil stock that has been out of favour for the past month, DGO might be finding some support at around 420, which coincides with the longer term trend line. Although it has failed the MA(50), which provided support, the horizontal support is looking to provide a cushion for the third time.
The MACD is improving on lower lows on the SP, as the stochastics are a bit messy to call right now. Entry long on breaks of 440 with targets at 550. Entry short on breaks of 400 with targets of 350.

Ferrexpo (FXPO)
A momentum play from 2 weeks ago, the chart is looking a little better now for long term strategies. After breaking out, the SP dropped to prior resistance and has been in between 410 and 440 this week. Normally, a stock will break, retrace to support or consolidate, and then make its move.

FXPO has been finding support at the 50MA, and this trend may continue as it consolidates and looks for moves up or down. Keep an eye on moves south of 400 for a short entry. I am bullish here, and I will be looking for either a move off the MA, or a nice break on volume over 440, with initial targets at 480, but also a likely breakout. MACD histogram is looking quite good for divergence.

Eurasian (ENRC)
Good uptrend stock showing resistance at 1500. Short term ascending wedge with horizontal support at 1400. Negative divergence on MACD which I don't like. This is quite a straight forward "enter on new highs" play, with the added "enter on sub 1400 breaks". I would cover a short of 1400 at 1300 which is potential support, but probably trailing stops in case we see a good breakdown. Targets for long is a case of trailing stops, and looking for new support and resistance levels.

My bro showed me this chart, and it is quite a nice one.

Kingfisher (KGF)
Quite a boring descending wedge-come-channel-come-new lows chart. Short on breakdowns of 110. I'm bearish here and don't expect to see a long signal (breaks of 155) anytime soon.

Look for resistance at the MAs on KGF.

Marstons (MARS)
From the same watchlist as FXPO 2 weeks ago, MARS has also developed quite nicely, triggering our original sell price this week. These descending wedge and channel breakdowns are very strong at the moment, a good reflection of the market in my opinion.

I do not envisage any long signals, as this one is for the bears. Short on further drops off Mondays close, with a stop at 201. Don't get spooked by the retrace to old support, as this is the exact opposite of a bull break.

Renovo (RNVO)
Our old "top of the gainers or losers list" friend RNVO, also from a few weeks ago. This chart is pretty simple. Enter long on volume backed breaks of 43, with stops at 38 - targets over 50p. Ascending wedge off a double bottom at 27. bear breaks of 27 is an indicator to short, but I feel quite good about this stock.


RNVO is likely to move fast again when it gets going. Although the 40 area was rejected strongly on Friday, look for a drop off to support by the 50 day moving average, or a horizontal support price of 35. The earliest signs will be moves out of the consolidation range of the past week (bull/bear flag break). Those who dare may consider a short on early breakdowns of 33, but this represents a high risk entry. Renovo could be a nice longer term play too.

WPP Group (WPP)
A lot of negativity on this chart for the past 8 months as it consistently failed to break the 640 range resistance. It has also failed some bullish patterns, such as a few inverse heads and shoulders, an ascending wedge and multiple double bottoms. It is no surprise it broke down last month, and on Friday it made new lows.

I am very bearish on WPP. My entry signals short are prices sub 520 on Monday, with trailing stops. This could easily to a BDEV, RBS or TNI style meltdown in the coming weeks.

The chart I dislike the most is KGF, as the daily volatility is quite high, and may provide some false entry signals, or scare you out of a position on a false comeback. The rest of the setups are quite clean, and should hopefully provide good fodder this week.

I am also watching these stocks, but do not feel it necessary to provide charts:

• TATE on continued new lows
• SFR on breaks over 282
• JKX - support at 440, or a meltdown?
• SXS - support at 711 to hold a third time?
• EME on a strong and very bullish hammer candlestick off the 50 ma on Friday
• Passively watching the coal stocks for new highs and retracements.
  

From the above I like the look of TATE and SXS in terms of the looks. The new highs in coal and mining could really go either way on you. In total there are 13-16 to watch this week, but I will be focusing mostly on the 8 core stocks from the watchlist.

I will keep it brief for just now, and I'll add to it tomorrow as this is just to see if I like the graphic above.

Pretty slow week for the watchlist I'm afraid. A couple of false entry signals at the start of the week were followed by a lot of sideways action. Retrospectively, my analysis wasn't timed right, and I think next week will provide a better playing field for a lot of the stocks.

The figures on AVM were smack on, but there just hasn't been any action in it. Probably not too good a stock to be covering. It did move up after finding support "Just above 150", but has had 3 down days to close the week. Our buy signal was triggered, but I believe this is a false signal and we could see some down days next week.


OIL did find new highs on a breakout and it is currently retracing. What is worrying is that it looks like it will retrace by more than I expected, and may find support around 850 instead of around 900. The order book was horrible this week, except for 30 minute bursts of free trading, where the gains and falls were made.



PTG did mainly the same thing as OIL this week. It found new highs twice this week, and it's holding the fast line pretty well. Strong rejection of 420 this week might prove a stumbling block next week. The book was a closed door here too this week.


I was wrong on the bounce level on JRVS, and in hindsight it should be more like 25p, although it is more or less flat on the week there was a little bit of action for those with quick fingers. A week of consolidation may give some indicators for the S/R lines for the next few weeks. I remain bullish on JRVS, but it is a hard stock to trade.


AHT is messed around until Friday, which was a strong up day. A good break of 72p will probably be a better entry point.


ISYS is beginning to give short signals, sub 270 for short entry.


Good moves on AU. during the week as it looked good on small gains, and is currently supported by the 10 day ma, which it needed to break, with an inside day so one to keep an eye on. Kind of forming a wedge pattern here too.


BT.A also giving early signs of a possible short sub 285. Straight channel action here in the long term, with a good breakdown on the shorter term chart.


TATE was probably the stock that gave the best signals this week in terms of trigger points. The trigger point to short was a breakdown of 400, and the stock is currently trading at 374. I will continue to monitor this next week on new lows.



NG. also triggered the short trigger price at 678 and is making lows at 672 at the moment. I will watch this passively into next week and look for less volatility in the SP before making decisions.


I misread the support level on CBG which was a bad trade for me, it seems to be holding around 525-535 as the week has closed out so I will wait for movement there. I'm currently bearish on CBG until the fast line is broken.


I'll work on the watchlist later today if time allows. Going to look for a better set of stocks with more defined indicators, it's proving difficult to pre-empt undeveloped signals.

Just a couple of setups presenting themselves tonight. PVCS and AFR on potential breakouts, with CLN looking for continued momentum. Watch coal stocks , they are red hot right now! (WTN, CLN, CZN and CDN etc). Tip of the hat to some solars too (SOLA and PVCS). It's still about the black stuff.

Pretty bad introduction to CFDs this week. I have taken positions in JRVS, OIL and CBG this week from my watchlist. I also took out a very quick and unsuccessful short on PSN.

OIL is the only position I have left open, after being stopped out of CBG and closing JRVS because of some serious and by-now predictable manipulation of the book my the market makers.

Jarvis continues to slump and has a 4% spread so I will wait to see if there is support at 25 before re-entering. CBG was set up very nicely but it just crashed and it stopped me out pretty quick. I did not like this setup as my leverage was ridiculously high given my deposit and it worked out at about a 2.5% margin.. which really doesn't make sense given the deposits on the high volume stocks like RBS are normally 5%.

OIL has made new highs, but the book is just full off mnemonics so that stock is a closed book to the private investor at the moment. It is fairly typical of the UK market that a stock making new highs just doesn't keep the momentum, and the shackles were put on OIL pretty quick as I watch WINS, EVO, SCAP etc slither their way up the bids and asks. The spread has widened significantly since the early hours of Mondays open trading, when I entered the bid/ask was 901/905, it's currently 925/940.

There is not much else happening on the watchlist, AVM is up 2.8% but the book is closed on that one already and the volume is out, so a good morning for the market manipulators there. PTG looked really nice until the MMs also closed the book on that, and it has since retraced all this week. TATE is sending me to sleep.

Anyway, mostly I'm annoyed at the market makers again. I really just do not see the need for these guys. Why curtail a stock that people want to buy? A stock should be valued on what traders and investors want to pay for it, not want a suit in London wants to sell or buy it for. This has caused PTG, AVM and JRVS to be almost untradeable despite the relatively good setups leading into the week.

Pretty sizeable watchlist this week. A lot of variation too in terms of patterns and setups, so should get some good signals this week. I'm trying to cut down on the amount I write about each because it takes a lot of time to write it twice.

Avocet Mining (AVM)

Descending wedge with strong support at 160 currently being tested. Coming off a bear rally with indecision on Friday could indicate this stock is ready to move off the support. Stochastics oversold, but not quite ready, so we may see a drop to support zone 2 just over 150.


Entry signals on a bounce up above 164.5 with stops between 152-159 to guard wicks to targets at 178. Short AVM south of 154 with stops at 159 to 140.

Oilexco (OIL)

Currently sitting at resistance to new highs. Ascending wedge and an awkward inverse head and shoulders. If this finds support at 860 then it could be time to wait for a break to new highs over 888.

Enter on breaks of 888 with stops at 858, not sure on targets, but trail your stops daily as this could run. Short under 850 with targets around 780.

Portland Gas (PTG)

Very bullish all over the place in PTG. Enter now with initial targets of 450, and trail stops when it breaks this. Good bull flag setup, found support and made very strong moves last week off this new support.

Stops at 390 and I don't think we will get a chance to short this stock at the moment. PTG is probably the best play this week and it looks really great.

Jarvis (JRVS)

Cup and handle, double bull flag and ascending wedge breakout combination on JRVS. Excellent looking chart here.

After gapping up to break 25 and running to 40 5 days later, it has since pulled back to just above 25 around the horizontal support. It is also looking to move off the ema (50) and the ascending trend line.

The stochastics could turn any second, but currently look like they might drop a little bit first to the support. You will have to be quick on the entry with JRVS at it will probably explode. If there are up days on Monday/Tuesday then take that as a signal, likewise if there is a slight drop or an indecisive days.

Enter long with stops at 24 with targets at 40, and potentially higher.

Ashtead Group (AHT)

Wedge action on AHT with some key support and resistance points. AHT will be ready to enter once it breaks the purple ema (72 for AHT) with intiial targets at 75 pending a horizontal breakout and wedge breakout so keep a tight stop to 80. Should find support at 65 so use that as an initial stop.


Short on a breakdown of 65 to 55. Fairly simple setup here.

Invensys (ISYS)

Good moves off ema and support line on Thursday and Friday. Looking fairly straight forward in terms of sup/res. Enter long now with stops at 287 with initial targets at 323 to potentially 345.


Short on breakdowns of 250 to 220.

Autonomy (AU.)

Wedge and channel action here. Moves of support at 835 were seen at the end of last week. I don't like this ema line at the moment, and would probably wait to see if it breaks it before entry with stops at 834 being trailed with targets at 950 and 1000p.

It might be worth noting the head and shoulders pattern, as in the event of a breakdown below 800 the target could be as low as 600.

BT Group (BT.A)

Relatively unexciting but high probability double bottom channel trade in BT.A here. Good bullish engulfing on Friday on good volume and a near-high close. Potential resistance at 225 before a target of 235. Enter long on gains on Friday with stops at 204 to start and trail/lock-in when the profits come in.


Nice stochastics and MACD here backing up the channel/double bottom support. Short on a breakdown of 195 to undefined targets, locking it in quickly and trailing the stops.

Close BR Group (CBG)

Interesting chart here. It has been over 5 years since CBG was at this level, and this relatively quick double bottom could be the start of a long term bull movement, or the start of the in-vogue meltdown. Like I say, this chart is set up for a double bottom on support which also coincides with good stochastics, good negative divergence on the MACD, and a back to back accumulation days.
The more I look at this chart the more I like the options here. I'm looking for an inside day on Monday, or a hammer, followed by continued up moves starting late on Tuesday. Enter long on gains on 554 with stops at 520 to start with, with profit targets at 650 then 700. Bit of caution near 600, so it may well stagnate or drop slightly at that price so be lax with the stops once in profit until it breaks that nicely.

Short CBG to 400 on breakdowns of 510.

Tate and Lyle (TATE)

Considered leaving this one out, as it represents a significantly higher risk move than the others. The use of tight stops is important here in my opinion.

I would wait until the stochastics are a little bit more matured, and also for a continuation of the +DI gaining while the -DI decreases for an entry with stops at 400. There are a few overhead resistance levels to watch out for - 450, 470, 500 and 535. These represent both selling opportunities if it's looking bad, and also price points to put in a stop once they are broken.

I'm relatively bullish on TATE with longer term price targets at 535, but more like 470 odd in the short term. Short on a break down of 400 keeping a tight stop, while watching out for the wicks that quite often occur on this stock.

National Grid (NG.)

An old friend in the grid. NG has found strong support at the current price for the past 18 months, and it looks like we might see a continuation of this price action.


Enter long if the price gets above Fridays close3 with initial targets at 735-750. A break of these could see a price of 780 to 840.

Short on a breakdown of 678 and let it run with trailing stops.

That's a wrap for this week. These are some really nice setups, particularly JRVS, PTG, BT and CBG. I nearly included SFR, BGC and NTX but thought better of it. I may well mention BGC and SFR this week intra-day, but SFR isn't watchlistable at the moment, and I believe BGC will retrace soon for a better entry.