Fill that gap TEL
TEL has been climbing slowly after it dropped to 2654 per share last March. Currently it is hovering above the Kijun Sen line which act as support together with the 50% Fibonacci Retracement level. Notice how we setup our fibonacci system. The previous rally was followed by a 78.6% Fibonacci Retracement level (not seen on the graph) so we speculate that this current bounce will move towards the 127.2% Fibonacci Retracement level or near 2872.78 per share. So far for the past 4 days, TEL was able to hold its price above the Kijun Sen line which is good.
If you look at the weekly chart of TEL, you will also notice that we have a weak bullish signal via the Tenkan Sen / Kijun Sen Cross and a flat Kumo may attract the price to come near it. It is at 2885 which is very near to our 127.2% retracement on daily chart.
But before anything else, let us focus our attention on the gap that needs to be filled. Looks like TEL is determined to seal this one.
RSI or Relative Strength Index is currently at 55 based on our 10-day period setup.
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