Sunday morning procrasting (putting off going to work) result amatuer chart doodling!
2017 has been largely bullish for TNG.
1. Year starts with trading pattern in range 13.5 support, 14.5 resisance
2. Uptrend pattern confirmed testing the historic resistance of 18.0 touched on 3 separate trading days in February and March ( but not technically breached).
3. Downtrend Drift or bearish reversal in March (depending on how much weight you place on duration of pattern) testing support of 16.0.
4 Thursday 9 March announcement results in increased trading volume (2.5 mill) and upward market pressure. 18.0 challenged.
5. Friday 10 March volume down on Thursday but still above daily average (1mill/ 600k ). Day trading range tight and completely within previous days range (Harami).
As I understand it the candlestick pattern depicted on Friday is a Harami and strong indicator of bullish reversal but requires confirmation. (A reversal inherently requires interpreting the prior weeks pattern was bearish. As only one week it's limited duration and might simply drift within trading pattern).
Anyway if my amateurish assessment is half right the stage looks set from a serious challenge to TNGs trading nemesis the 18.0 resistance line.
I'm going to stay with my earlier (mid feb) prediction that by mid March 18.0 will be broken and 28.0 will be the new resistance. To be correct it has to happen this week.
PB my balls are on the block so I'm counting on the EIS supplementary submissions being filed this week adding fuel to the uptrend.
As usually I emphasis that I am not a Chartist or Technical Analyst and open to correction from others.
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