TEL pierced through the resistance slope

After TEL fill the gap last trading day, it continue to soar high and pierce through the resistance slope. It advanced today by 3.6% from previous close. Is it going to continue its ascend? So far we don’t see any bearish candlestick formation on TEL but beware for a possible test of newly found support (previous resistance). In case it will hold then TEL will create a new trend leaving the upward channel behind. It may revisit the 3K level soon.

If you feel like taking some profits, its ok. You need to reward yourself at times.

RSI or Relative Strength Index is currently at 83 based on a 10-period setup.

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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