TLS
Telstra (TLS) Analysis - 1 Month CandlesTLS has been on a downtrend since 2015. It looks like it has now completed its ABC correction right to the 78.6% retracement mark. There is a five wave pattern within it's most recent downtrend, shown within the dotted downtrend channel. As TLS has now looked to have completed its ABC correction after a strong run up from 2010 to 2015, it looks to have now started a new market cycle. Be on the look out for the downtrend channel to be broken and for the trend line to be a possible new support.
$TLS 2bar reversal (daily)TLS closed back above vwap
Been toyed with for a while now, if brakes off COULD move back up pretty quick keeping weak hands out OR
just create a new range, keep an eye out for a confirmed upthrust for range top... and sell or whatever :-}
Holding from $3.26
Telstra tlsEnd of wave 2 already happened or will be happening soon at 3 AUD. Anyway upside potential is huge.....
TLS: month , support levels holding so far.looking at the month chart, we see the price is holding above the bottom of the trend channel. this intercepts with the 78% fibonacci level. GOOD buying opportunity.
GBPJPY - Perfect entry for the swing trade61.8 rejection and supply zone. Perfect rejection of the trend line, wicks shows bearish pressure. Let's get these pips.
ASX STO Oil Play LongFeb 12: 23.00 AEDT
Ok here is one for the oil bulls.
This stock has been beaten up recently,
but the falling wedge and solid volume support
at $3.60 and $3.90 suggests ST potential.
Weekly Support is rising underneath, but at $3.50+
Ok the Trade:
Buy now on the bullish gap bar at $3.90 SL $3.80 TP#1 $4.10 TP#2 $4.40
RR := 50/10
If it fails - re-enter at the bottom of the body gap/Weekly support.
Buy $3.60 SL $3.50 Tgt $4.40
Profit less our loss above RR 70/10
Tgt is the upper body gap during WTI push higher and the rising tide.
Warnings:
It has not broken downtrend;
There is a 13m short position overhang;
The body gap under;
Positives:
Oil and USD rising - good for the bottom line;
Bullish last 3 bars and its above the T-Line;
Indicators and BBs (not shown) are positive.
My position: Break out (fake) then pull back to lower gap
then rally - but it depends upon Oil, $US an the S&P500
:= Quick long, short, long
This is an opinion not a guarantee and
... just my 2c worth ...
ASX ABC LongFeb 12: 11.00 AEDT
This stock starts throwing up long pins in consolidation mode.
In trend, it tends to have longer bars w/ short pins.
My previous discussion (12 Jan) suggested a rally out of
(expected) support at $5.29. This failed, and it pulled back
to secondary support around $5.15 and $5.10
It is well supported on weekly as shown and has
a higher high/ lower low since Dec.
This is classic Dow Theory, but volume is modest.
I expect this stock to start pushing up now.
A close above $5.23 for two days will confirm an upside
breakout and I am not expecting a close below $5.13
ABC reports late Feb so price action will be focused on forecast vs reported.
I can't show it on this chart, but BB's are squeezing since Feb 9.
I intend to nibble now on lower timeframe weakness and add on breakout
with an initial tgt at $5.45+ and SL $5.14
At current price $5.19 that's a RR of approx. 5:1 before costs.
There is short interest of 5m with avg Daily Volume of 2m.
This is an opinion not a guarantee and
... just my 2c worth ...
