TEL - looking for a level of support

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TEL = 3090 (-1.4%)

TEL after reaching an all time high of 3285 seems to be looking for a level of support.

Applying a fibonacci retracement to its recent rally or uptrend, we can note that a healthy correction at a 38.2% retracement should be around the 2890 level, at this level the price action may bounce and continue it ascent.

Also note the very sharp demand line that I have drawn on the ascent of TEL, if this is broken TEL will most likely be in a corrective phase and thus look for a level of support

Also note 2820 the recent previous high may act as a support.

Resistance: 3825 - New all time high!

Good luck to all TEL traders!

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