True Corporation (TRUE) : Heading to 6.25-6.30
February 9, 2011 Leave a comment
Until we see TRUE clear 7.20 on a weekly chart we remain cautious, with another retest of support at 6.20-6.30 entirely possible in coming days. Institutional volume support looks weak to us at present, and for the next day or two wait at 6.35-6.30 before considering a quick technical rebound trade. Near term resistance from 6.75 to 6.80 does not looks as if it will be taken out just yet, and would need a massive surge in volume if it i to be challenged this week. As such if daily flows pick up to the 350-400m share level take note, but at 100m or so, it will not move far.