Bias Remains Bullish
Our pivot: 4.43
Our Preference: Buy Tele as long as 5.03 is sustained as support with strict stop loss of 4.43 and profit target at 5.93. after closing above 5.91 new targets would be 6.29 and 7.10 with extension towards 8.16
Alternative Scenario: Downward Penetration of 4.43 will call for 3.85
NOTE: Tele was moving in a downward channel on daily and weekly bases but now it is getting a strong support from its 61% correction level of its price cycle between 1.92 to 8.83 along with its long term weekly moving average and is try to bounce back towards 5.91. A third supportive element is also supporting TELE for a new bullish run in coming days and that element is a supportive trend line. If it will become able to close above 5.93 in coming days then the new targets would be 6.29, 7.10 and 8.16.
Recommendations:
For New Entries (buy above 5.03)
For Existing Buyers (hold till 5.91 and if it be become able to close above 5.93 then next target would be 7.10)
Daily Chart with Supports and Resistance:
Weekly Chart with Supports and Resistance:
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3 COMMENTS
John Doe
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