3i Group (III)

[Morris]

Not posted here before, but looking at the chart for III, I think it may be a short from here.

Not only is it at the top of the downtrend, but Thursday exibited a bearish counterattack pattern after the recent bull run.

Chart:

http://www.ftmarketwatch.com/tools/...maval=13,21,50&uf=0&lf=4&lf2=268435456&lf3=32

Any views ?

 

[darth trader]

Welcome Morris.

I think that you may well be correct on this. It looks overbought on several counts and there was heavy volume at the peak and the market is due for a rest (at least) after its recent exertions.

 

[Morris]

Too soon

Looks like I closed too soon yesterday, it's now near £12 level. May wait for any bounce & short again, maybe more to go on this one.

 

[ChartMan]

Wait for breach of support( old resistance) at 1179.

 

[Morris]

Resistance

Is that the recent resistance you're looking at (1st week in April) or older data ?

Thanks in advance.

 

[ChartMan]

Yes, recent