The daily chart shows that in late July, the Telcoin broke above a descending trend line at $0.2240 on its way to $0.0298. However, the trend breakout failed to attract follow-through buying, and as a result, TEL is retesting the trend, now at $0.0198.
Currently, the trend support is holding up, and TEL has managed to bounce 14% to $0.0238. The tightly grouped 50 and 100-day moving averages sit just above the trend line, reinforcing the robust support. Therefore, this is a significant level and should the price continue to maintain above the trend, it’s likely to head higher, and in this event, a move towards the June high of $0.0385 looks probable.
However, the bullish view relies on trend support. And on that basis, if the price falls below $0.0198, it will invalidate the thesis.
Feel free and get in touch for more updates, signals and trade alerts
Currently, the trend support is holding up, and TEL has managed to bounce 14% to $0.0238. The tightly grouped 50 and 100-day moving averages sit just above the trend line, reinforcing the robust support. Therefore, this is a significant level and should the price continue to maintain above the trend, it’s likely to head higher, and in this event, a move towards the June high of $0.0385 looks probable.
However, the bullish view relies on trend support. And on that basis, if the price falls below $0.0198, it will invalidate the thesis.
Feel free and get in touch for more updates, signals and trade alerts
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