A Quick Update on TF

01 February 2012

The only chart I'll be commenting on tonight is this 4-Hour chart of TF. Price is currently trading at a resistance level of an intersection of the the top of a "minor" uptrending channel and the lower one-quarter of a larger uptrending channel. It's also approaching another confluence resistance level at 813.20 of its 78.6% retracement level from its May 2, 2011 high to the October low and the lower one-third of the "senior" channel level.
At these levels, it's also beginning to trade in overbought territory according to my very short-term RSI indicator reading, so price may pull back somewhat before making its next move. At the moment, momentum is favouring the bulls, and near-term support sits at a confluence level of 780.00-785.00, comprised of the lower level of both channels and the upper one-third level of the Fibonacci retracement.