Another chart worth having a look – Telstra Corporation Limited ASX
Points to consider
- EMA’s turning
- Broke resistance, turned potential support
- Stochs testing upwards region
- Testing upper level resistance
TELSTRA is looking quite similar to previous price action before a 92% rise in value!
We can confirm that price has put in a monthly which is quite ; price was also able to break multiyear resistance with strong bull . We need to see bulls retest this resistance and confirm as support before we see another leg upwards.
The EMA’s are close to turning at current given time, this will be confirmed by more bull and a retest of the now potential support.
There are sparkling similarities between the previous rise in TELSTRA to where is it currently. We need to see the stochastics hold upper region in the highlighted box. Also the needs to break local resistance and hold upper regions to support price action.
The VPVR shows decreasing levels of transactions from this current point, we can use this knowledge to dictate to probability of price being able to reach local resistances.
The next couple months will be interesting for TELSTRA is the cross and Double Bottoms holds true, we may be in for a bull trend if the probabilities hold true…
What are your thoughts on TELSTRA, will it confirm support or break down from this point onwards?
Please leave a like and comment,
“All the math you need in the stock market you get in the fourth grade.” -Peter Lynch