TBS

7 Jun 2022

TBS - During the March 2020 Covid crash I mentioned that anything below 13700c is worth a look in terms of a medium term equity position. Recently the share traded just below 13700c, fluctuating around this level followed by a rebound to around +15000c. This was a prior short of mine with the de-rating over the past 4 years being massive as the share declined from +46000c to below 14000c. The attached is my ST technical view where I note pennant formation that would be triggered on the back of a ST breach of the channel which could set up a move toward the upper boundary of the larger channel that extends back to 2021. Recent results appeared to have been well-received with the added bonus of share buy-backs while I also note that volume has been increasing. Possible target +15500c and higher. Chart = 'Daily'.