Regarding TPI, it went sideways after you guys jinxed it. But anyway, I think I can see a right angled triangle formed since 18-8-05, with price target now 4.60. Annual results are due to be announced this Wednesday, so interesting to watch.
One of the company's businesses is to sell reprocessed waste oil to Shell and Mobil, who then blend it with their diesel and sell it at gas stations around Australia. The price TPI get for this oil is dictated by the crude oil price, so it's a very good business of late. They also get govt. incentive payment of a certain cents per litre of oil reprocessed.
Yes before I had downloaded.
Its a bit thin and Ive noticed subject to a few swings like this.
Takes a while to brake to another level.
I've also noticed that when it has a severe drop that it seems to have enough support to crank it back towards its open by the end of the day.
Tech/a, I can see you drew your trend line based on 2 points touching it. Doesn't this go against the principle that trend lines should touch the maximum no. of points to validate the trend line. There are two other moer steeper lines that can be drawn as the trend line, but I agree that in any case the trend line has been broken. And that breaking support around 4.05 would be a sell signal. Also there is some chance a change of polarity may still occur and 4.43 level will act as a support, in which case this would be a positive sign. If neither of these occur, it will stay within the band between these levels.
Now I just have to work out how to paste charts onto this forum.
A tentitive trendline can be drawn from any 2 points.
A trendline is validated by 3 or more points of contact.
So strictly speaking I have drawn a line connecting 2 points which indicate the direction of the longer veiw move.
You are correct with the purist veiw and ofcourse more points of contact would validate that trend.
In the wash up of it all I dont think it really matters.
I draw a number of trends on a chart.
Primary secondary and immediate.