TAP has been sold down hard (what hasn't) but is beginning to...

TAP has been sold down hard (what hasn't) but is beginning to show signs of an impending bounce.

Price action is at odds with the indicators, with the indicators showing distinct signs of bullish divergences.

Both the MACD and RSI may be giving us a hint as to future movement as the share price hits fresh lows. Until now TAP has looked weak.



This, combined with a look at a 10 year chart reveals that TAP is coming into heavy support territory. Both a strong 6 year trendline exists around the $1.80 mark which also finds the old resistance (now support?) trendline coming in at this price also - timing almost too perfect!



OIL currently up 27c and may finish with a decent looking candle with a close at this level or higher (for short term anyway). If TAP looses support here - my money is looking elsewhere!