TVO : Wait at 23.60-24.00 for signs of a reversal pattern
February 15, 2011 Leave a comment
TVO is approaching its 200 day EMA at 25.8 or so, and is unlikely to stop there – apart from maybe to post a dead cat bounce back to 26.50-2675.
The stock is at risk of coming off to 25.25 if it fails to hold at current prices – 26.50 by the end of the day. Lower support is seen at 23.60, and unless there is massive selling near this price we suspect re-entry will be worth a look n coming weeks.
On a medium term basis, if the stock fell below 23.60 it could end in a pullback to 22.40-21.80