Telstra Corporation Ltd
ASX: TLS ASX:TLS
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Monthly chart for the ASX (Australian market)
Green ovals show the clear bull rejections along the major trendline which has been recently tested and is breaking out to the upside
I have labelled the chart patterns - I am unsure however if the 'Symmetrical triangles' are really that or Rising Wedges, so take that with a grain of salt
Was 7406 the top for the short term?
Was the breakout this week a bull trap?
Technical indicators such as the MACD and RSI are still with the bears.
If we close below the 21 daily moving average, time to reduce position size and risk until we can close above 7406 again.
Its been quite a challenging time for Sydney for quite some time and good days isn't near anytime soon.
Going by the chart, looks like SYD will dip more to around 5.35 level before bouncing up again.
Also all EMA's are above the price line which is a bearish sign.
Would be interested to see how long will SYD take to Take off.
If you like my analysis then do...
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Price pierced through resistance ($2.87) with volume and cleared the range where it’s now coiling above under the 200 EMA. ABP.ASX has not touched the 200 EMA since the pre Covid drop.
ABP.ASX – Abacus Property Group is a diversified property group specialising in Australia’s core commercial sector including office, retail, and industrial...
