TATE & Lyle PLC (TATE)

dl.dropboxusercontent.com/u/7238706/TATE%20%26%20LYLEwkly.png
This instrument has been running in a channel since 2009.....


dl.dropboxusercontent.com/u/7238706/TATE%20%26%20LYLEdaily.png

The daily shows the last candle in the target zone between the 50 & 61.8% fibs; support in a band from 748.00 to 759.50; support from the long-running trend line dating back to March 2009; the Stochastic RSI at 0; the last candle forming a bullish hammer and a gap above between 770 and 783.5.

There's a distinct possibility this could go long

TATE has just come into my radar. Friday's candle looks like an exhaustion candle to me - i am hoping this is signs that sellers are being flushed out of the toilet bowl at the moment

the 4 hourly chart looks interesting with evidence of accumulation with 2 hammers showing up. There seems to be signs that the recent low (friday) could be creating a divergence.

dl.dropboxusercontent.com/u/4385922/Tate4hourly.png

Any thoughts would be highly appreciated.