The trend channel has been able to catch all the major swings, it can be expanded to catch the entire trend, but for now, I'd use the stop presented which would be in the $19+ area as the T.C. will move up now fairly quickly with price.
Wednesday, February 2, 2011
TSO Trade Alert
I like the way TSO looks on the charts and today it's confirmed a nice breakout. This looks like it could launch another prolonged trend up.
TSO daily support at the 50 moving average, corrections look healthy and it seems we have a new leg up out of a consolidation.
3C daily shows an inverted H&S base with plenty of accumulation stretching over 5 months. Better yet, the daily chart is confirming price action which is pretty big. TSV 55 below, a long version of the indicator, has shown steady positive inflows of capital and also confirms the trend.
Here on the hourly in the red box is the consolidation, we're now clear of that and don't have any nearby resistance for a couple of years.
The 1 min is in beautiful confirmation of the trend.
The trend channel has been able to catch all the major swings, it can be expanded to catch the entire trend, but for now, I'd use the stop presented which would be in the $19+ area as the T.C. will move up now fairly quickly with price.
The trend channel has been able to catch all the major swings, it can be expanded to catch the entire trend, but for now, I'd use the stop presented which would be in the $19+ area as the T.C. will move up now fairly quickly with price.
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