TMB : Key support at 2.16, resistance at 2.30
February 14, 2011 Leave a comment
TMB got pretty close to a 61,8% rebound of the recent drop from 2.48 to 2.00, but the band of resistance from 2.30 to 2.34 will not be passed easily. Indeed, if there is an equity correction due to a highly inflationary CPI from China Tuesday, TMB could easily slide to 2.16 or so. A breakdown below 2.16 has 2.10 as the next support. A daily close below 2.10 would be rather bearish, but for today we expect 2.16 to put u a fight. In terms of volume weighted average prices, the stock’s one week average is 2.21, the fortnight average at 2.20 and the 4 week average at 2.16.