Since the last update, Transaction Capital made a breakaway gap.
It then reached and tested the supports and bottoms at R4.06.
Once it tested, it formed a Rounding Bottom and was shown to be buying from Smart Money.
This sent the price flying up to close the gap and to the first target of R6.88.
With the gap closed, we can now see a new formation (Rounding...
Since the last update, TCP has been making higher lows - but on a very slow inclination basis.
Nevertheless, as long as the lows hold we can hopefully get some buying into the company.
The models are strong, the strategy is good and the competition is low. It's sad to see it fall like this.
Box Formation has formed on TCP.
We are still seeing low liquidity and low volume of trades as I believe the bulls have been scared out of their position.
However, we are seeing potential signs of a bottom as there could be more buying to push the price up.
Other indicators show including:
200> 7=21
RSI>50 higher lows
Target one will be to the top of the...
This was one where people thought I was crazy for choosing a target so low to R26.46. The day it hit, I was I guess not surprised but saddened because the company has so much potential and strong prospects
Wake up just one day later and it's down to R13.76. This could be a great buy area where it could rally on back. But as a trader, I need more upside potential...
Falling Range formed on TCP and there was a trend channel bearish
200> 7<21
All the signs were showing downside to a target at R26.46. Which it hit.
If I held it just one more day it would have gone to R14.50.
But that's trading for you.
Now with the gaps and panic selling, we can expect some accumulation to form bringing the price up to close the gap. Then...
Falling Range is a trend channel bearish
200> 7<21
Target R26.46
CONCERNS:
A trend channel is never as strong as a breakout pattern. The reason is the price can move in a sideways range before it continues its down or up leg. Also the price doesn't always touch the edge of the channel.
I would wait for a breakout before I decide whether to buy or sell....
TCP may be hit by the lock down due to non payments on their big bet on the taxi industry some owners may default or ask for extended time and may hurt sales and revenue in months to come
Following a repeating pattern, this trade has played out nicely (See links below). We have now reached the overbought line of the trend channel. With a throw-over and volume increase, this looks very climatic. This could possibly indicate the start of a trading range.
Following the accumulation TR since the beginning of the year (See Post Below) we have now seen a break of the range and backup test of the range. The Markup in phase E can now begin targeting the overbought line of the upward stride.
Transaction Capital has been in a steady uptrend with reaccumulation range stepping stones. With each reaccumulation, a similar price and volume pattern was followed, with a spring and test on increased volume. We are now at that junction again and a markup can be expected. The next markup can be expected to be smaller than the previous markups as there is...
