I was moderately expecting a breakout this week (see the chart) with 18c being broken and resistance being tested, but at 16.5c, TNT has fallen below the support line and is in a pretty precarious position. Unfortunately it seems unlikely to maintain the positive trend/chance at breakout it looked like it was setting up for. Hopefully it will settle into a sideways channel until it moves upwards, but there's the potential to plunge lower in the near future. I'm really not sure what it will do from here but it doesn't look positive in the near term. If I had to guess I'd say it will retest 15c support, which will hold, and there will be a period of sideways movement between 15c and 18c for some time, perhaps testing 20c resistance but I definitely can't see that being broken without some positive news. My guess is that the quarterly this month won't bring any surprises so will have little impact on the chart, but I'll be very interested to see what it actually looks like.
I'm definitely still glad to be watching from the sidelines rather than within the action, and obviously very glad I sold when I did, but it's quite an interesting chart (and company/FA) to be watching. Looking at the fundamentals I think TNT may do well overall this year (for all the reasons I was talking about between mid 2020 and late 2021), but in the near term I can't see much of a bull case.
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