ThomsonReuters 1652p

Today is the first day in hopefully my next step to independent investing. Warren Buffett's best advice is know what you are investing in, so I thought I would start with the company I am currently employed.

Reuters merged with Thomson Financial last year. The 1 year anniversary is coming up in the next few weeks (17th April). The share were listed at 1700p. http://thomsonreuters.com/content/press_room/corp/corp_news/212378

Alot of effort is going into reducing costs and providing a common platform of products. TR has diversified away from the large dependnecy on the Financial terminal market, which has been a advantageous in the current market.

What are the technicals on the chart saying:

Well TR has been in a trend up since the low of 883p on Friday 24th October 2008

The High for the last 12 months was 1715p on Monday 6th April 2009.

A weekly close above 1700p will be a BULLISH sign. Currently there is a revers H&S pattern indicating a nearterm target of 1750p.

Long term resistance levels at 1800p and 2100p
Long term support at 900p and 1500p.

Reuters fell from a High of 4962p in March 2000 to a low of 276p only 3 years later in March 2003.

A 38.2% retracement of the fall gives a target price of 1790p + 276p = 2066p
A 50% retracement has a target price of 2619p

There is a gap at 1575-1590p which would be a place to BUY.
Short any failure to break a close above the recent HIGH of 1715p.

Current support levels can be found at http://uk.stoxline.com/q_uk.php?s=TRIL.L

Support @ 1460p and 1302p
Resistance @ 1715 and 2003p

I use MACD, slow stocastics and RSI to indicate the optimum time to BUY or SELL.

A break out above 30 on RSI and 20 on MACD is a BUY. I use Hourly and Daily timeframes
A break down from 70 on RSI and 80 on MACD is a SELL.

Positive MACD = LONG
Negative MACD = SHORT

Current settings are

HOURLY MACD (0.3) STOC (63) RSI (54)
DAILY MACD (48) STOC (46) RSI (64)

Current BUY & SELL orders

BUY @ 1580p Target 1850p for a pullback to fill gap.

SELL @ 1700p Target 1500p if price fails to close above 1700p on a daily basis next week.