TNE had been one of the STRONGEST STOCKS in our market. Yes, a FANG stock which may also be considered a growth stock. It had out performed ASX for years. At present, it’s medium term trend is considered range bound within a larger uptrend. I will only publish the daily chart with it’s LONG ENTRY SIGNAL recived on 08/02/2017. What is a LONG ENTRY SIGNAL ? A BULLISH PIVOT with WYCKOFF SPRING. What is a BULLISH PIVOT ? A SHORT TERM BULLISH REVERSAL. Where did this happen ? At a SOLID SUPPORT. But wait there is more…. Look at that lovely WYCKOFF SPRING SET UP, how can one not love it ?
We as chart lovers may often overlook simple things in TA, like a PIVOT. If someone doesn’t know what a pivot is, and what it means, what chance he/she would have succeeding in this game ?
Lets now focus on EXIT which is more important than PIVOT ENTRY. Initial STOP LOSS ? Below the WYKOFF SPRING / PIVOT LOW on end of day closing day basis. If I am taking a short term trading view my exit is the first close below the 10 period simple moving average in GREEN. If medium to long term view is taken 10% trailing stop loss with TNE form my entry may be one strategy or take profits at a my target. Or employ longer term moving average.
I have received interests from some TA lovers, with thanks off course, for my intended Monthly webinars which I am contemplating about starting. I am now trying to get back to a new routine with kids being back at school with their new after school sports activity calendar. Once the dust settles on this front, this would enable me to see when I could have time to conduct the webinars. Again, it will be by invitation only. The focus would be analysis of various instruments ( Markets,Stocks,ETFs,Commodities…) in real time. If anyone is interested, please drop me a line by return email or give me a ring.
Daily TNE Chart with WYKOFF SPRING/PIVOT SET UP below.
I am also keeping a close eye on long overdue potential SFR UPSIDE BREAKOUT which I am also a holder of. Will we see it ? Reporting date may hold the key.
Disclosure: TNE held.
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