Weeklies showed a downward trend. The dailies were back up at the EMA ready to trend back down to the bottom of the channel ... and held on hoping. Tut Tut .... -7% is the smack in the butt I get. However, we like this share and we are at the bottom of the channel so hoprfully we'll ride back up to 700 where it will be decision time again ...

Lets take a look at the long term graph to see where we are in the bigger picture. Putting my Elliott Wave hat on you could argue we are after an extended 5th and could see a long term reversal back down ~300. This spooks me somewhat. Lets take a look at the dailies ...

As I mentioned before it looks like we may be at a bottom today. However, if it starts dropping again I'm outta here. On the other hand if it starts creeping up we'll see a divergence in the MACD histogram when compared to the price chart which would be an encouraging sign to the LONG side.

Rebounded as I anticipated but not yet enough to be convincing on the weekly. Need to keep watching...

Frustratingly still sitting in the lower channel. Hopefully we'll see a break up into the higher one above 740 otherwise I'll get the shakes. RSI and MACD histogram looking hopeful however.

TEP frustrated me. It went to my target of just above 700. My short trade would have been a good one if I didn't get stopped out :( Anyway, taking a look at the weekly the price is back at the EMA value level:

The daily chart shows the price to be back at the end of the channel. I decided to BUY this one for my SIPP at this level. I'm hoping for a run back up to 780-800. RSI looks overbought and the MACD is hopefully turning today. If it doesn't Imay have to exit quickly. Reassuringly the shares fundamentals are good - I like the business. It's consistently growing.