"Ecofin Water & Power Opportunities - would you be kind enough to look at this chart - is it breaking up from a base formation? I am not a holder but am interested as it melds with Fullermoney themes.

"Also, thank you for bringing CurrencyFair to our attention: I am now using them."

Eoin Treacy's view Potable water is a truly precious commodity, where demand is outstripping supply on a global basis. Correcting this imbalance is a massive undertaking, primarily for governments. However, investing in this theme is not straightforward and has proved difficult to be a difficult investment proposition. Water related shares such as pipes, filters, meters and many utilities have been laggards over the last two years.

The Ecofin Water & Opportunities Fund has been rangebound for the last two years and tested the 135p level, which is on the lower side of that range, this week. Laggards usually underperform for a reason and at present it is not clear that the investment interest necessary to fuel a major bull market in water is present.

Hyflux, which is perhaps one of the better pure plays on the water theme, paid a 50% stock dividend in mid December which has distorted the chart somewhat. It continues to range below the 2008 peak and a sustained move below S$2 would be required to question medium-term upside potential.