TISCO : A weekly close at 35 or higher will be very bullish
February 15, 2011 Leave a comment
On Feb 9th we noted that TISCO has a very solid support base from 29 to 31 or so, and it is within this rage, even at the top end, where one might consider MT accumulation. For the stock to come off to nearer 26-27 we think something pretty bad will have to happen – either to the company, or to the county. There are quite a few others with similar characteristics to TISCO, with major downside and indeed a change in the medium term trend unlikely in our view.
Today it’s trading at 35 or so, and on the monthly chart below it is clear to see this level is of some significance. If indeed TISCO holds above 35 this week, it will open up a range to at least 38.50, if not 40.
First support today is at 34.50, with 32.50 to 33 looking quite solid now. Certainly one to buy and hold, so treat any near term weakness as an opportunity to accumulate.