TEL - New Highs Incoming?
TEL indicating a potential breakout of ascending triangle and break above linear regression mean after finding support at -2 standard deviation level.
*Confirmation of this breakout still needed to increase confidence of a run higher*
Analysis: Multiple bullish indicators suggesting high potential for break above linear regression mean to make new highs.
My bias is bullish due to the setup of the following.
RSI
RSI currently sitting at 59 with potential to break above 61 (an area I identify as corresponding with breakouts of resistance levels).
ADX/DI
Bullish directional index cross completed
MACD
MACD completed bullish cross.
After a short accumulation period in the $126 - $132 range, TEL appears to have broken out of this channel with intentions of making higher highs though confirmation is needed for this move.
Confirmation
Would like to see a daily close with a bullish impulsive candle breaking above the linear regression mean as well as $136.
This movement in price action would likely be supported by RSI moving above 61 into the red zone on my Fib RSI indicator.
TEL has a very highly correlated linear regression trend and a move above the mean into this range could be very fruitful, though I have set T1 at approx $153 for a potential profit of 14% on trade.
A trade taken from last candle close to T1 utilizing a S/L at $129 (approx 4% below current level) gives a R/R of 3.47
Low risk, good odds.
-Spreck
*Confirmation of this breakout still needed to increase confidence of a run higher*
Analysis: Multiple bullish indicators suggesting high potential for break above linear regression mean to make new highs.
My bias is bullish due to the setup of the following.
RSI
RSI currently sitting at 59 with potential to break above 61 (an area I identify as corresponding with breakouts of resistance levels).
ADX/DI
Bullish directional index cross completed
MACD
MACD completed bullish cross.
After a short accumulation period in the $126 - $132 range, TEL appears to have broken out of this channel with intentions of making higher highs though confirmation is needed for this move.
Confirmation
Would like to see a daily close with a bullish impulsive candle breaking above the linear regression mean as well as $136.
This movement in price action would likely be supported by RSI moving above 61 into the red zone on my Fib RSI indicator.
TEL has a very highly correlated linear regression trend and a move above the mean into this range could be very fruitful, though I have set T1 at approx $153 for a potential profit of 14% on trade.
A trade taken from last candle close to T1 utilizing a S/L at $129 (approx 4% below current level) gives a R/R of 3.47
Low risk, good odds.
-Spreck
Trade closed: stop reached:
CLOSED!
TEL rejected hard at linear regression mean and trade was stopped out.
TEL rejected hard at linear regression mean and trade was stopped out.