Cookie Policy

Chartsview Blog

The Latest Blogs from Chartsview

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Tags
    Tags Displays a list of tags that have been used in the blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Archives
    Archives Contains a list of blog posts that were created previously.
  • Login

TLW daily 30/05/13

by in ChartsView Blog:
  • Font size: Larger Smaller
  • Hits: 3331
  • 0 Comments
  • Subscribe to this entry
  • Print
3331
Picture
Tullow is a bit difficult to call at the moment.

On the one hand it's made consecutive higher lows but the rise off the big bear day on 17th April looks corrective to me (ie just a consolidation in the downtrend). In addition, it failed to hold the short term uptrend line formed from the 931p low and the first higher low and there were no bullish divergences at that price (they're not required but are often present at important lows).

931p is not a known support level, though it's not far from a minor support at 921.5p. There is, however, an important support at 879.5p and I'd favour a drop to that. 

My strategy here would be to go long on a break of the recent high of 1085p or sit and wait to go long at 880p. A third option could be to go short with a stop above today's high of 1066p as that might have just been a gap fill but that's riskier IMHO.
0
Trackback URL for this blog entry.

Comments

  • No comments made yet. Be the first to submit a comment

Leave your comment

Guest Friday, 29 March 2024