Bulkowski's Teleflex (TFX) And Teco Energy (TE) Quiz

First, find any chart patterns that you see. Since this is the weekly scale, look for pipes, horns, tails/spikes and any other patterns. I found one double top, rectangle bottom, 4 pipe tops, 4 pipe bottoms, 2 spikes/tails (pointing downward), 2 horn bottoms, and a horn top.

This is the chart pattern screen.

The stock is about to rise. Where will it pause or reverse? In other words, find overhead resistance.

The blue line separates the old chart from the new data. The horizontal red lines show where price peaked to the right of the blue line (at least for a few days). As you look to the left, you can see the peaks and valleys that setup overhead resistance. For example, see how the rectangle's bottom and top turned away price near the 2nd and 3rd red lines from the bottom.

Locate any chart patterns you can find (weekly scale). I didn't look for most pipes or horns on this chart but found a symmetrical triangle, broadening top, 2 double tops, a descending broadening wedge that looks like a channel, and one pipe bottom.

Here are the chart patterns I found. I didn't hunt for all of the horns and pipes on the chart. I'll leave that up to you.

Pretend that you own the above utility stock, but think it's about to go down. Price has already tumbled from a high of 33 to 23, a drop of 30%. How far lower will price drop? In short, find areas of underlying support.

The green line is the divider between the new and old chart. This is a surprising chart because price drops so rapidly, reaching a low of 9.47. Just one support zone appears as the red line. The blue line is overhead resistance setup by the valley in Jan 2002 and a long stream of near horizontal price movement on the far left of the chart.

The red line is the support area, but it only held price above it for a week or so.