I'm still short TS, even though as we can see, its really ripping right now. Its basically just mirroring SPY, which is really taking off. Notice there is a strong level from three days ago that it seems to have rejected.
Tenaris looks like it still has some room to fall. Note the nice level we are forming at around $25.32. But we have a series of lower highs, indicating it cant quite cut it. Looks like smooth sailing to that Fibonacci level around $24.80. Looks like a good profit target.
The brokerage firm Exane BNP Paribas Downgraded Tenaris (TS) to an Underperform rating. The technicals agree with the fundamentals. There was a big gap down past the level from the high of October 1st. Today, it couldn't quite make it to that level, let alone reject it. Not the Fibonacci levels correspond perfectly from above and below the close today forming...
A inverse triangle formation with decrements of volume in the down trend after kiss the resistence in the 26/27 zone with a pique in 22.7
Acumulation when up in august 6 and when bottom at august 24
The objetive turns around 31 zone if OIL get a new local max
The longest min line worked nicely... look how every time its been touched TS bounce nicely... I like LONG TS with a weekly close below this line (26,50 actually) so the risk is well defined. The other line may act as short term resistance, right now is about 32
MACD indicator throws sell signal, but looks like entering in the positive divergence area (yellow arrows). Low/medium volatility to short term. Possibly bullish channel?
Candle buyers, followed immediately by candle sellers. And all this in conjunction with overbought.
It is very important to use Volatility Stop indicator. At this level VIX, is needed.
