thecharttechnician

Is Major Breakout with Telstra on the horizon ?

Long
ASX:TLS   TELSTRA CORPORATION LIMITED
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1
Long term monthly chart of the mighty Telstra with an analysis view of several years. One may call this medium/long term investing.
While back (few years ago) I have published the Telstra chart in anticipation of a medium/long term accumulation which has been in effect since selling climax low which was followed by sharp and decisive climax rally thereafter. Price action had been congested ever since, where the smart money had been carefully conducting their accumulation. In congestion/trading range(marked as Box of Tricks) that we are still in my opinion based is that we are in the last phase as of this writing. If I am correct, price action is now expected to retest CLMAX RALLY HIGH resistance at $4.00.It is also expected to stage a major breakout here by penetrating that resistance level and reversing the major trend to BULL once again. We will see of course ?

Once a major breakout is confirmed, reversing the major trend to bull. I will then calculate a price target for the potential up move and publish it here at tradingview.

For now, I am LONG TELSTRA, which I have been for a while with an investment view of several years at least.

For a financial advice, please see an accredited financial advisor. I am not one and I don't offer that service. All I offer/share is the message which I read from the chart.

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