I will start with TLS. No follow through on yesterday’s short term reversal and a lack of commitment from either side ( buyers and sellers) is evident. Further churning at the zone of $5.00 is likely, until their off market buyback is done and dusted. Analysis continues.
CBA did give us the anticipated BULLISH PIVOT POINT REVERSAL which I consider as SUCCESSFUL RETEST of the IMPORTANT SUPPORT ZONE. By the close of the session today BUYERS were in FULL CONTROL and COMMITTED. Volume was also supportive of the pivot.
OBV with CBA ( shown at the bottom window of the chart) yet to breakout which must be noted. A follow through on today’s bullish development is likely to achieve an OBV breakout over the next several sessions, if and when on hand.
SFR : Also confirmed a BULLISH PIVOT which must also be noted.
OZL : Also confirmed a BULLISH PIVOT today. OZL, in my book is the strongest copper stock globally which had broken out already and enjoying it’s new young and vibrant bull run.
XAO as well as XJO also confirmed a bullish pivot suggesting a potential climax or preliminary support for the pullback/corrective period. Mini trading range at current levels is likely.
Disclosure : TLS, CBA, SFR and OZL held.
Can we call today a PIVOTS Galore ? I think so.
CBA chart with a nice bullish pivot below.
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