Saturday, July 19, 2008

TPX Update for 07.19.2008


Monthly chart shows short term support in place off the $7.05 low, where aggressive buyers stepped back into the stock. Price remains well below all key moving averages, especially the 8ema.

Weekly chart better shows the support off the $7.05 low and the strength of the aggressive buyers, who closed the price last week above the key LIS of $9.41.

Daily chart shows that the second downside target at the 1.618 fib level was hit, and provided support, at least in the short term. This created a bullish butterfly pattern. Friday's bulls soon found resistance off the .618 fib retracement level of the last move down from $12.71 area, where profit-taking took place. IF this is indeed a tradeable low, THEN look for a buy signal/pattern to enter long for a short term trade.

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