In our Equity Advisor dated March 31, we noted that Trans-Asia Oil and Energy Development Corporation (TA) may be bound to rally from the support that it established at Php2.20. However, it stayed around this level for several days more before it eventually jumped. A breakaway gap from the Php2.40 level on April 22, propelled TA back to its previous high near Php2.60. Php2.60, by the way, is our target that we placed that it achieved in about 3 weeks. J In any case, if TA can stay above Php2.60 and then move above its previous high at Php2.72 then it is possible for it to reach a new target of Php3.00. However, a fall back below Php2.60 may send it down to at least Php2.40.
TA write-up from the Trading Edge Equity Advisor:
March 31, 2013
Our first trade on Trans-Asia oil and Energy Development Corporation (TA) was immediately stopped when the Php2.40 level got breached. Presently though, it appears to have built a base at the Php2.20 marker. TA can use this new level of support to push itself higher. A spinning top candle that is present at the same mark also indicates a possible rebound soon. Anyway, bounce from Php2.20 could send it back towards its previous highs near Php2.60. On the flip side, a fall below Php2.20 could send it to at least Php2.00.
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