In the 6 months since my previous musings about TRS is has confirmed my belief it has made a Wyckoff pattern (which probably means little to most readers), but if correct it means price should continue to generally make higher weekly peak and troughs for some time. Price has also formes a small resistance break pattern this week where a break and close higher would suggest an interim target of $6.62 but the eventual target (yet to be predicted) should be north of $8.00. Price has broken above a weekly downtrend which is a buy signal. It seems to take TRS a long time to do anything so this is more of a long term prospect.

TRS 17Nov2021

 

26 March 2021

TRS is still reading from my hym sheet but has been incredibly slow to move up. With last week's candle a doji it suggests price might fall back a little next week to retest the lower boundary of the price channel (flag). While I still see higher prices ahead for TRS I am concerned the general market is signalling that it may retrace into a correction - in which case TRS could see its price fall down out of the flag pattern.

TRS 26Mar21

26 February 2021

TRS did not break higher as hoped but has continued it's sideways action and fallen back to the bottom of a probable price channel. Having bounced up off this level several times in the past year, there is a strong probability (but not a guarantee) that price will again head higher. The million dollar question is whether it will then break higher as hoped previously.

TRS 26Feb21

29 January 2021

The analysis below suggesting a pennant pattern proved incorrect and as the chart below shows, a rectangular pennant pattern seems more likely. This could also be a Wyckoff pattern (one for the chartists) but both would suggest price should now move up - potentially significantly. The negative aspects are that the lower boundary of the pattern (if a flag) is broken and it could be lower at $5.85 - meaning price could fall a little further. Secondly, price could rise to the top boundary and that being resistance, it could bounce down again.

TRS 29Jan21

20 November 2020

TRS has been building a pennant pattern since July (the triangle bounded by the blue dashed lines). These are usually quite reliable patterns and in TRS' case it suggests a rise in price to $11.80 - $12.00 is possible. TRS is in a very large falling price channel (shaded green) and it may be that price will complete that channel by breaking up out of it when/if it reaches target. Next week's trade should determine if price breaks up out of the pennant (in which case I will buy) or bounce down off that upper pennant boundary to fall back to the lower boundary before (hopefully) rising back to test the upper boundary again. If price was to fall out of the bottom of the pennant this would be a very bad sign and lower prices could be expected. 

TRS appears to have recently completed a price cycle at the point marked by the 'C' in the cicrcle (signifying the end of Wave C).

TRS is a traders stock. If you look at the historic price moves you will see it has been very volatile with both big rises and falls. Anyone considering trading TRS should note that in the last 10 years price has fallen by over 90%!

TRS 20Nov20 

 

Contact

Robert Norman

Phone: 0428 346 951
Email: robert@sharecharting.com.au

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