Sunday, August 03, 2008

TPX Update for 08.02.2008


Monthly chart shows the selling seems to have stopped, with early bulls stepping back into the stock. Price is currently well below all key moving averages. While the stock has found short term support, there is no buy signal/pattern evident on this timeframe.

Weekly chart shows price to be well below the longer term moving averages. While the aggressive buyers managed to lift the stock of the $7 low, the last two weeks saw profit-taking as price headed above the small LIS of $9.51.

Daily chart shows profit-taking, with a lower high made mid-week. Friday saw indecision between the bulls and the bears, with the trading activity resulting in a doji candle pattern. After such a large, sharp move down to all time lows, I would expect some consolidation to take place before the next larger move.

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