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TPL daily 13/05/13

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Tethys Petroleum is in a nice consolidation pattern which will remain bullish down to the 61.8% Fib at around 38p.

The pattern up from the 24.75p low to the 59p high looks to have completed a 5 wave move suggesting that this is the first rise in a longer uptrend. The drop to, and bounce off, the 38.2% Fib at 45.75p could be a textbook wave A and also suggests a move towards the 61.8% Fib.

Downtrend resistance sits at 56.5p today (falling daily) and there's the obvious 59p resistance too. Supports are at 49p, 45.75p, 42.5p and 37.75p. I'll be looking to go long in that 37.75-42.5
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