$TECO trading at lower range watch for move to upp

$TECO trading at lower range watch for move to upper range

Last week $TECO tagged 3.5 cents on a intraday basis on light volume. Today we saw less than half a million shares trade, which points to another light volume week barring any big news catalyst.

If you take a look at the trading history on the weekly chart below over the past 2 years, you can see that since the April 2011 rally, TECO has pretty much traded between 7 and 3.5 cents. It is currently trading at the lower portion of that trading range, which means that it should start to make a move back up in the next couple of weeks.

This trading trend, in addition to what we know about from the fundamentals, i.e.: the fact that the company is pumping oil this very moment and will have a record 3rd quarter when the 10 Q posts in October/November, is why I make the prediction that the stock should be back above 4 cents but closer to 5 cents by the end of the month.

This is a good accumulation area for those looking for more exposure to TECO, as the bears continue to drop their air shares into eager hands.

[IMG]http://i.imgur.com/G2jUD.png[/IMG]