By top chartist Zak Mir of Zaks-TA.com

Michael Page International (MPI)

It is my view, and relatively obvious at least so far, that most companies on the receiving end of takeover bids have been too aggressive as far as holding out for top dollar. Their defence would be that no one would have guessed how bad the credit crunch crisis would be. In the case of Michael Page losing its independence would almost certainly have been better than the type of update the group served up today. From a charting perspective the shares have admittedly doubled since December, and are threatening the final near term phase of the upside. While above the green 10 day moving average at 306p the upside is the December resistance line projection at 345p.

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Fresnillo (FRES)

It is clear that if you are a bull of Fresnillo you will be hoping that the July / August failures for the shares through 680p were not the end of the line for the bull run in the shares since the autumn. However, even though the RSI is now at 41 and well below neutral 50, the main line of support runs through 510p from November, something which suggests only a weekly close below this feature would upset the medium turn bull scenario. At least at 510p plus one would be looking for a top of 2009 price channel target to the 700p zone one more time.

* The value of investments can go down as well as up. Past performance is no guarantee of future success. Investing in equities can lose you part or all of your capital. The tips given here are of necessity, general. They cannot relate to the individual circumstances of investors. Anyone considering following the recommendations contained here should seek independent advice. Financial spreadbetting is a higher risk activity the losses on which are theoretically unlimited.

Dragon Oil (DGO)

While it has been a great bull run for Dragon Oil in recent months, the combination of the latest trading update and mixed technicals may signal that for the time being we have seen the best that this stock can offer. That said, there is a line of support from March through 330p and while above this on an end of day close stop loss basis the chance of the 2009 price channel top of 450p to be hit on a three month view. The alternative to the bottom fishing the Dragon is to wait for an end of day close above recent 350p resistance and momentum trade buy at that point.

Best Wishes,

Zak Mir

Zak Mir is perhaps the UK's best known chartist and Zak’s real time trading signals are ideal for the current volatile markets! To access Zak's service with real-time trading signals and around 30 big calls per week on indices, blue chip stocks, commodities, small caps and member requests a week for as little as 179 pounds a year click HERE.