TEL may continue to rise before hitting strong resistance

TEL’s weekly chart suggests that there is still room for it to move up until it hits the upper slope. As seen on its chart, there is a downward channel created by the lower highs and lower lows. Kijun Sen has pulled the price when it move horizontally and although it has bent, there may still be a chance to rise up to 50% Fibonacci Retracement level or around 2885. Notice also that we have additional resistance from Kumo at that level.

For our Japanese candlestick, we don’t see any bearish signal yet but you have to monitor once it hits the upper slope. Previous movements show that we have bearish reversal patterns once it hit the upper slope which brings the price down.

Caveat!

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felix

A computer engineer by profession and loves to develop online systems/websites. A self-taught stock trader who loves to share his knowledge and enjoys learning, expanding knowledge and staying well-informed. Most often he uses candlesticks, Fibonacci Retracement levels, Ichimoku system on his technical analysis but loves to hear some rumors as well.

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