Telstra (TLS) formed an ascending triangle and broke out of it and I expect it to peak close to $4.50 before the market reappraises the value of TLS at that level. This reappraisal should result in a sharp sell off in TLS. Telstra has approximately 20 cents more to go before our upside target is reached. Here is the chart.
In the footsteps of TLS or perhaps I should say, on the coat tails of TLS, we have BGL - a small Australian telco/internet company making a clearly defined ascending triangle pattern. For long time followers of my newsletter and blog posts, please note that the 55 day slow stochastic for BGL has risen above 80 on the signal line. We expect BGL to run up quickly to around 71 - 72 cents on a breakout of 60 cents. The TLS chart shows a more mature triangle and breakout scenario but a similar one we anticipate for BGL. The BGL chart is below.
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In the footsteps of TLS or perhaps I should say, on the coat tails of TLS, we have BGL - a small Australian telco/internet company making a clearly defined ascending triangle pattern. For long time followers of my newsletter and blog posts, please note that the 55 day slow stochastic for BGL has risen above 80 on the signal line. We expect BGL to run up quickly to around 71 - 72 cents on a breakout of 60 cents. The TLS chart shows a more mature triangle and breakout scenario but a similar one we anticipate for BGL. The BGL chart is below.
Interested in trading psychology? Join our Meet up group - click here.
Want to learn to trade consistently successfully using simple trading techniques? Buy my Ebook here.
