Sunday, June 05, 2011

TEL Breakout

TEL finally managed to break through the strong resistance around 22 with high volume and on cycle time, as noticed in the daily chart above. The obvious short term targets are roughly 23.5 (already touched) and 25 but the medium term target could be the area around 27.

In the daily chart below we have TEL relative to BETXT. We notice the breakout above SMA200 and through the downtrend around a double Fibonacci time zone area which sent TEL strongly overperforming the market.

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