Hi Folks Just thought I would revisit the TLG charts.Weekly...

Hi Folks

Just thought I would revisit the TLG charts.

Weekly chart first.

It certainly looks like we are forming the cup of a Cup & handle chart. Left lip at 2.15 Nov 2020, the bottom Feb/ Mar 2021.
So a right lip with 5- 9 weeks somewhere in the 2.08 -2.18 range would not surprise me.

Bullish signs in the weekly chart.
* Weekly high low candle first traded entirely above the 10WMA in the week 25 Apr and in the the following 5 weeks no bearish signals have been given ( That's when the weekly hi-lo candle trades entirely below the 10WMA).
* Both the 10WMA (green line) and the 40WMA (red line) are rising steadily.
* Stoch's turned positive back in Mar and still showing strength. The Macd is about to turn positive
* The weekly relative strength index RSI (5) currently at 63 has essentially been rising since a low of 24 in Mar. It looks like it will rise into the blue zone ( above 80) when the right lip forms.

Once the cup forms we should have a profit taking retracement to form the handle somewhere maybe into the 1.75 - 1.90 range.

Using Fibs that should set us nicely for the next upward push into the 2.60 - 2.90 range

Next the monthly chart. I like the monthly as it eliminates much of the noise and the direction becomes evident.

Notice that the 10MMA (green) crossed above the 40MMA (red) in Nov 2020 and are both moving upward. Notice that the pull back in Mar 2021 the monthly hi-lo candle came back to only touch the 10MMA line then bounce off it. The 10MMA acted as a support.. Both the Stoch's and MACD are bullish.

Good Signs on both charts.

Just the way I deal with the market so that I am not surprised by what plays out, as always DYOR.

cheers Lies