Two formations occured with TCP.
The first one was a W Formation which broke above the neckline and headed to the target 1 of R6.88.
The second, was yet another W Formation which the price broke above the neckline. And it was considered in the HIgh Probability trading range as the price was above both 20MA and 200MA for the first time in a long time.
SInce...
Transaction Capital has been the come back duck since October.
It's reached the first target of R6.88 in December. It then moved in a consolidation sideways pattern that formed a W Pattern.
Since it broke above the neckline, the momentum has been on fire.
This is just an update that the price is on its way to the next target at R11.53.
UPDATE:
Transaction...
After a difficult year, Transaction Capital finally hit the support at R4.00.
SInce then, the buying and demand has picked up greatly.
This lead to the first target being hit at R6.88. With the continuous upside momentum, we will most likely see the price head next to R11.50.
It's a long recovery for the company, but with new management in place and demand...
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....
JSE:TCP has been weak for a while now. Not expecting a slow down, but for "investors'" sake, holding that support level will be beneficial. Otherwise, the downward move is intact.
