June is a wrap: TECO Monthly Chart
Happy July folks. Twelve months ago we had our last major rally in the stock and I'm looking for a move in this time frame. The daily and weekly chart is still showing and uptrend because moving averages are sloping up, the 20 is over the 50, and price closed above both of them.
We didn't get the close above the 20 month moving average, or even the 50 month moving average, but the stock really did try. As said earlier, if we can recapture those areas of resistance then that should really pave the way for bigger rallies.
http://investorshangout.com/post/798958/Updat...talked-a-l
We hit the 4 cent target early and couldn't hold it last month, but every time a resistance level gets tagged it gets weaker. Given the uptrend showing on the daily and weekly chart, which are still in tact, I think we trade through 4 cents and I'm looking for the 7 cent tag this month.
One last thing folks, this is not a short term trading position for me. Sure, if the stock goes vertical and hits 10 cents in a day I will take some off, but this is a long term position in which I'm looking for 20 plus fold return on my investment.
Furthermore, the analysis I'm given is to illustrate the strength and trajectory of the stock. Those of you familiar with my Ice Cold Traders board know that when I give buy and sell recommendations I am very specific about entry, exit, and reason for trade. This analysis is to project the long term trends on this stock, and the price targets I give out are confirmation to me that the stock is on track to reach the longer term goal of 20 plus fold return.
At the bare minimum I'm looking for TECO to capture the 4 cent area this month, which is right above the 20 month moving average. Capture means a monthly close above. What I'm really looking for is a tag of the 7 cent level this month.
The trend is our friend, and the trend is up.
[IMG]http://i.imgur.com/jbpg4ld.jpg[/IMG]
