The original breakout candle on the 16th June wasn’t followed through with a continued expansion of volume pushing above the 112p point of control, but the volume wained allowing block selling to retest the breakout shelf.
As the chart shows we have had a response to this 95p area 3 times now. What we want to see is some volume follow through at above average...
#TEG; strong move so far off dip earlier in the week which just tagged the original breakout area from December. Levels in play 295p-308p, levels up 326p - watch for double top), 386p, 417p. Levels down 271p (breakout area), 251p (very strong volume support).
#PREM; possible breakout of the flag; levels in play at 0.108 & 0.128. May retest breakout (0.08). Levels up 0.158, 0.195.
Watch for continued above average volume & rising stochastic, a push of the latter into the 80’s may trigger an impulse move.
Trade level to level.
Increasingly confident in this one.
Volume already high early in the day.
Lots of gaps on this chart.
Even a pessimist would look at the 24-30p area as a highly likely bounce over the next few sessions.