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Dave’s Weekly Analysis (Nov. 11, 2024)

Summary

Telesat: Signs US$39 Million Contract with SatixFy to Develop and Deliver Landing Station Baseband Units for Telesat Lightspeed Network

 

Background: TELESAT CORP is a satellite operator. TELESAT CORP, formerly known as Loral Space & Communications Inc., is headquartered in Ottawa, Canada. Barchart reports that analysts who follow this stock give it a moderate buy rating.

Analysis:

  • My Elliott wave count shows a 3-wave corrective decline from 10/23/2024 at 14.81 to 11/7/2024 at 10.82. A move up that breaks the downtrend would be bullish.
  • The daily bar candlestick on 11/8/2024 is a bullish engulfing pattern.
  • The MACD is giving a buy signal.
  • My RSI(2) is clearly showing a short term oversold.

Recommendation:

Buy to open TSAT at 12.16 using a stop order on 11/11/2024. Use our EP-Space trading philosophy to manage the trade.

 

Happy Trading,

Dave Register

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About the Author

Dave Register is ExitPoint’s primary developer and creator of the original ExitPoints systems. With a masters in both Physics and Statistics, over 50 years of experience in management information systems and designing AI systems to accurately predict futures market trading, Dave is a respected member of the trading community. His passion for predicting market trends is both personal and professional, a primary interest that he enjoys sharing with others.

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Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style. Only risk capital should be used for trading and onlythose with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.

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Hypothetical Performance Disclosure:

Hypothetical performance results have many inherent limitations, some of which are described below. no representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk of actual trading. for example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all which can adversely affect trading results.

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