Daily Murmur 15/12/10

by Gary Glover

 I think Telstra is very interesting at the moment, after an impulsive move higher recently on very strong volume, the stock has now retraced back in three waves on very light volume which indicates the sellers are drying up.  It may need a catalyst here but the odds of another impulsive rally look very high.  $2.71 previous high and the $2.67 are the two most favoured support levels.  I think it’s a buy here.


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Gary Glover is an Authorised Representative (Rep No. 259215) of Novus Capital Limited ("Novus"). Novus is a holder of Australian Financial Services Licence No 238 168. Novus, its directors, officers, associates and employees each declare that they, from time to time, may hold interests in financial products and/or earn brokerage, commission, fees or other benefits from financial products mentioned in this e-mail or attached documents. Unless specifically stated within this page or an attached document, any information communicated by this e-mail constitutes unsolicited general financial product advice which has been compiled without regard to any investor's individual objectives, financial situation or needs. It is not specific advice for any particular investor. Before making any decision about the information provided, you need to consider the appropriateness of this information having regard to your individual objectives, financial situation and needs and consult your adviser. Any indicative information and assumptions used here are summarised and also may change without notice to you, particularly if based on past performance or relate to a future matter.