Reposting this since TV removed this idea earlier for containing links to my telegram group.
Trading Methodology:
1. An asymmetric bullish/bearish pennant is drawn using ascending and descending curved trend lines with a minimum of three price action touche points per line. The direction is determined by the previous trend.
2. The angle tool is applied from...
This morning the energy regulator OFGEM published its long awaited report on the energy price caps.
CNA were one of the best performers in the energy sector as the result was not as bad as first feared.
Ofgem pegged the limit for how much utilities can charge households on so-called standard variable tariffs at 1,136 pounds ($1,465) a year. That’s about 7...
Centrica: Will this be a H&S reversal?
H&S island formed at CNA.
Will there be some substantive news in the future that
causes CNA to gap up as well to complete the Island reversal?
Centrica continues to trade in a long term down trend. The latest failure at overcoming trend resistance should set the shares up for another test of the recent lows.
We are sellers today targeting a move towards 188p, with a stop at 210p
The bullish break from the descending channel pattern marks the continuation of the rally from November low of 195.18. The doors have been opened for a break above 232.60 (Jan 16 high) and rally to January 23 high of 236.90.
Centrica daily chart shows a breach of long term falling trend line (Sep 2013 high to July 2015 high and extended) followed by a inverse head and shoulder breakout.
However, bulls need to be patient since the rally from post Brexit low of 197.50 has been sharp and thus short-term exhaustion around the neckline is likely before the next leg upward resumes....
Support – 201.80, 194.20
Resistance – 219.05, 222.20
Gap down opening on May 5 after prices failed to capitalize on a bullish break from a larger falling trend line on daily chart indicates the recovery from Feb 11 low has ended and bears could take it lower to 194.20 levels in short-run.
On the higher side, gap filling may happen, but requires a move above...
Price has come up to tramline which could be an area where the price falls again due to overbought stochastics, potential wave 4 completion and resistance from way back in 2012 around the 280 level.
Price has broken above tramline but as long as it doesn't go above 304 this analysis still stands in my opinion.
Targeting 200 which would fall on the tramline but...
