Our ALGO engine triggered a sell signal in TPM at $6.36 on the ASX close on Friday.
After posting a low of $4.85 on September 28th, shares of TPM have rallied impressively on a series of fiber-optic contracts won from the South Australian state government.
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However, the technical chart pattern is still defined by a “lower high” formation which suggests lower prices over the medium-term.
We see the next key support level at $5.90 and suggest exiting long positions at or around $6.40.
TPG Telecom
