Downside Pressure For Telstra

This story features TELSTRA GROUP LIMITED. For more info SHARE ANALYSIS: TLS

By Nick Linton-Ffrost

We suspect the next 3-5 days trading and the price action around 5.10 and 4.95 will determine Telstra ((TLS)) direction for the next 2-3 weeks.

Trading below 4.95-5.00 for a few days brings the bearish wedge pattern into play which would improve the odds for a move towards 4.70.

Whereas a few days trading back above 5.05-5.10 would imply a return to the two month trading range between 5.00 and 5.30. Before trading from the long side we require a high low to from above 5.00.

Trading tactics

Open shorts after a few days trading below 5.05 placing stops above 5.15 and looking for a move to 4.70.

Another trading idea from

Fifth Wave | fwtc.com.au                                               

FW generates over 150 Trading Alerts on the ASX100 each year. We are a subscription service specialising in short term technical strategies based on 27years experience.

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