Company Overview: TPG Telecom Limited (ASX: TPG) provides mobile and fixed broadband telecommunication services to residential government, corporate enterprises, and the wholesale market. The report covers the Price Action, Technical Indicators Analysis along with the Target Levels, Stop Loss Level, and Recommendation on this stock.
As per our previous report on TPG as on March 09, 2023, a ‘Speculative Buy’ recommendation was given on the stock at AUD 5.14 for a period of 4-6 weeks and noted below are the details of the recommendation summary provided in the previous report:
Recommendation Summary as on March 09, 2023
Technical Analysis:
TPG’s prices recently broke a crucial resistance level of AUD 5.26 and are sustaining above the breakout level for the past couple of sessions, indicating the possibility of an upside movement hereon. The leading indicator RSI (14-period) is sustaining above the midpoint, and the 21-period and 50-period SMAs are below the current market price (CMP), further supporting a positive bias.
Considering the recent price action and technical indicators analysis, the stock seems in the positive territory from the technical analysis standpoint; hence a ‘Hold’ rating is recommended on the stock at the close price of AUD 5.25 as on April 24, 2023 for a period of 1-2 week. The summary of revised Target Levels and Stop Loss for TPG is provided below:
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is April 24, 2023. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.
Technical Indicators Defined: -
Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.
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