ASX: TCL 22 APR 2024ASX: TRANSURBAN GROUP - TCL: 22 APR 2024 | Semilog Scale 1D Chart
© Master of Elliott Wave Analysis: Shane Hua, CEWA-M.
Details: The short-term outlook indicates that wave 2-red is unfolding, subdividing into waves ((a)) and ((b))-green, which have completed. Now, wave ((c))-green is unfolding, and it appears it will soon conclude, preparing for the resumption of wave 2-red to push higher.
Invalidation point: 11.58
TCL trade ideas
TCL - Golden Cross usually provides Bullish OutcomeThe price chart of Transurban Group ( TCL ) has just triggered a Golden Cross (50-day moving average above 200-day moving average). Historically, this price pattern was usually followed by an upside move. Since 2000, a Golden Cross has been observed on 13 previous occasions (first event in at least 20 rolling trading days).
Looking forward 12-days, TCL , provided an average gain of 3.12%, win rate of 12 from 13, standard deviation 3.33%, maximum 8.64%, median 1.89%, minimum -1.08%.
Disclaimer: This data is not financial advice. Past performance is not a guide to future performance and may not be repeated. Past performance does not diminish the risk expectancy of any strategy. By its very nature ‘risk’ means you could and most likely will experience losses. No representation or warranty is given as to the accuracy or completeness of any information provided. Data is for educational and informational purposes only.
Transurban about to break a long term resistancePrice ACTION - TCL is breaking a key resistance level reversing a downward swing back to previous highs.
4 hour chart
Condition - BReak of 13.81 with good volumes
Stock target - 14.31
Target 2 - 14.91
Target 3 - 15.63
Timeframe - 6- 8 Weeks
Stop Loss - Swing Low - 13.44
Pattern - Round Bottom
Potential - Can form a Cup & Handle if next resistance sends the stock on a slight correction
$TCL - Transurban increasing their pricing might bump itNot a share I’m excited by, but could be a bit of short term bump in the price with their announcing their increased pricing. I know that several brokers consider them quite a good defensive stock and the current chart would seem to indicate that they are in an upward trend and the value is probably fairly good at the moment. Depends of course on how the market reacts to the news. I typically wait until after 11 AM to see what the direction of the market is.