Trans-Asia Oil and Energy Development Corp. (stock symbol: TA) made a good showing and has climbed since the start of the new year. From a 1.41 low, the rally halted around the 2.00 psychological level (high of 2.04) and price started to ease from then.
If price retreats further, it may revisit 1.40-1.60. Support around 1.40 must hold (1.37 set on Dec12 is almost a 1-year low). On the upside, this stock must advance through 2.50 (ahead of the gap around 2.60) to keep the bears at bay.
The MACD Oscillator (MACD-O) remains above the zero level but this could change if price eases further this week.
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