First up this week is Talisman Energy (TLM - Get Report), a $12 billion oil and gas company that's put up some less-than-impressive numbers so far this year. Since the first trading day of January, shares of Talisman have shed 5.4%, versus gains of close to 9% from the S&P.
But TLM is showing some signs of a potential turnaround in April.
Right now, Talisman is forming an ascending triangle bottom, a pattern that's formed by horizontal resistance to the upside and uptrending support acting as a sort of price floor for shares. As TLM's price bounces in between those two technical levels, shares are getting squeezed closer and closer to a breakout above $14.50 resistance.That breakout is a buy signal for shares. Momentum adds some extra evidence in favor of a breakout in TLM. With the uptrend in this stock's 14-day RSI still intact, Talisman is showing traders some upside bias right now. Don't be early on the TLM trade. Wait for a breakout above $14.50 before becoming a buyer. Talisman shows up on a list of Energy Stocks Bought and Sold by Hedge Funds in the most recently reported quarter.
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