POG - down 30%

screencast.com/t/lLtaQmCOaTm

Is it an iH&S formation with a target around 117?

I should have said H&S, not iH&S. Sorry.

Shotry wrote: I should have said H&S, not iH&S. Sorry.

hi shotry
head and shoulders has to come at the top of a trend
This is not a head and shoulders

Whether or not that was a head and shoulders, Shotry, your call of 117p was pretty good as it formed a hammer there today:



dl.dropboxusercontent.com/u/20815047/POGdaily20_05_13.gif

I posted previously about a long ago support from 123p in early Feb 2003, and there was another at 117.5p just before that. As remo said, the best play on this is to wait for a 123-low. The more risky option is to enter now (or at about 122/3p if you can get it) with a stop below that 116p low from today.

It's not far to the shorter term downtrend which was at 137.9p today (it'll be lower tomorrow) so that's another level to look out for in the next day or two.

There are gaps from late 2002 at 111p and 107.5p. Are these supports still valid from so long ago?

Close up on the daily chart shows gap down, hammer, gap up:



dl.dropboxusercontent.com/u/20815047/POGdaily21_05_13a.gif

There are also RSI, MACD and OBV divergences on the 4H chart:



dl.dropboxusercontent.com/u/20815047/POG4H21_05_13.gif

Just FYI. Still best to wait for a 123-low entry after that downtrend.

Just updated this on the blog section.

There appears to be a higher low and a short term trendline break following that hammer so a close above 135p would now create a higher high and possibly target the 154p resistance:

dl.dropboxusercontent.com/u/20815047/FTS...POGdaily29_05_13.gif