Now that TLW have received its $500mill for the sale with the FID to follow. The CMD RNS didn't prove to add anything to the SP.
It crossed the ATL of 33.5 - 35p range and was rejected.
Followed by a retest of the 0.38 of the Fib and going through a support line of 26p only to come back above, I am expecting to see the SP keep retesting the 33.5 range and probably get rejected a number of times, before I know where the SP will head afterwards.
It has been keeping within the channel that i created for a 4 yr forecast. So if it keeps within this into the next April then it could be the turning point. However if the SP crashes through the bottom of the channel, retests to get rejected then I would say the Shorters have got what they wanted.
It crossed the ATL of 33.5 - 35p range and was rejected.
Followed by a retest of the 0.38 of the Fib and going through a support line of 26p only to come back above, I am expecting to see the SP keep retesting the 33.5 range and probably get rejected a number of times, before I know where the SP will head afterwards.
It has been keeping within the channel that i created for a 4 yr forecast. So if it keeps within this into the next April then it could be the turning point. However if the SP crashes through the bottom of the channel, retests to get rejected then I would say the Shorters have got what they wanted.
Note
The SP has still yet to make a higher high. Aim to close above 41p to reach 0.272 of the Fib line and get rejected then come back down to retest the 41p support or even retest the 34p and again get rejected. For 'Me' personally only then will i consider it to be a safe trade to open a position. When looking at price action on 4HR TF.As the 'probability' of it going through the bottom of the ascending channel is low IMO.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.