short cover, page-7

From DJ Newswires - some upbeat comments for once (quite nice to post that on TLS for a change)

DJ MARKET TALK: Telstra Up 2.0%; May Be Bottoming Out

2348 GMT [Dow Jones] Telstra (TLS.AU) may be bottoming out near March 2008 low of
A$2.93, according to Dow Jones Newswires technical analysis. Despite recent fall to a
record low A$2.88, break of A$2.93 wasn't decisive and volume was lighter than when
Telstra hit that level last March. Yesterday's close above A$2.96 formed a
pivot-point reversal pattern, which, combined with the bullish "hammer" pattern
formed when Telstra bounced off A$2.88, hints at a significant bottom. Bulls will need to
see further gains on good volume, preferably along with some positive news flow, before
getting confident, but Telstra should at least test resistance at A$3.16 on a break above
A$3.07 in near term. After breaking eight consecutive gains for S&P/ASX 200,
there's scope for a pullback in overall market, which could trigger a switch into
Telstra. TLS latest up 2.3% at A$3.06