TNT Chart, page-4468

TNT made an attempt at breaking long term resistance for the third time today. Having touched 17c again today it looks like this attempt has failed and we'll probably see 15c again before Christmas. I'm still not sure if we'll see that technical target below 10c, it still seems a bit unrealistic, but seeing it as far more possible than I did when we first saw TNT break down out of the triangle at the end of October.

I'm very confident that we'll see TNT take a decisive movement one way or the other by early January (when long term resistance comes down to 15c). At that point it has to either bounce or fall through 15c support. Until then it may well sit within 15c and the declining resistance line. Seems likely after what we've seen on Wednesday, Thursday and today. This fits pretty well with the fundamentals, with the acquisitions bringing mixed sentiments. Fears about an upcoming CR could well help push it down to the technical target. Before the acquisition I was thinking 15c might have been the low, and it still might have been, but I expect we'll probably at least see it touched again and it now seems more likely that we'll see it fail.

I definitely wouldn't want to be holding until it has confirmed a breakout above long term resistance - the chart tells a pretty clear story!