TNE at inflection point?
Updated
TNE has been in a well defined up trend since mid 2018, however a the confluence of a (fairly) symmetrical triangle formation with its apex on the 0.382 fib retracement line could signal a turning point.
Note that a break down and failre of the trend line would result in a golden cross on the daily time frame, would send RSI plunging below its 30 period moving average.
Watch for a failure to break through the upper line of the triangle, break through the lower triangle line, then a test of the $6.87 level (acted as support 3 times so far).
A price target for this fall could be the consolidation zone at $6-$6.45, around the 0.618 fib line
Note that a break down and failre of the trend line would result in a golden cross on the daily time frame, would send RSI plunging below its 30 period moving average.
Watch for a failure to break through the upper line of the triangle, break through the lower triangle line, then a test of the $6.87 level (acted as support 3 times so far).
A price target for this fall could be the consolidation zone at $6-$6.45, around the 0.618 fib line
Note
The symetrical triangle identified played out to the upside. Price broke triangle resistance, turned it into support, and hit the next fib level for strong resistance.
A buy on the break of the triangle with a take profit order at thefib would have done well here. A buy on the close above the triangle resistance with a stop loss at the base of the triangle formation identified (or even the most recent low in early October there) with a sale at the touch of the yearly high would have done even better.
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