Sunday, April 17, 2011

TLV Potential Breakout

We notice the increased volume supporting the TLV price (daily chart above) pushing into the 50% retracement of the March - December 2010 downtrend after escaping the Fibo fan. The price seems ready to spring through 1.53 resistance targeting at least the obvious 61.8% Fib retracement in the 1.60 - 1.65 area until beginning of May.

Relative to BETXT (daily chart below), TLV is also showing signs of potential overperformance. After a strong underperformance, the stock moved mainly in line with the index since October last year shaping a potential reversal Head & Shoulders formation which may trigger TLV relative strength during the next cycle ending in June.

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