It would appear that after an extended wait, Tern (LON:TERN) is finally looking capable of delivering an extended share price rally.
I have to say that I became a fan of Tern well before the Internet of Things became the buzzword that it is now. In fact it is more than a buzzword; it has become something of a hot concept. But of course in the market you can be punished just as severely for being too early as being too late.
Over the past couple of years we have seen shares of Tern oscillate between the 6p and 30p zone. The current position here is that we are seeing yet another attempt at sustaining price action above the 200 day moving average at 8.92p, something which, given the higher March/ April support versus January 2017, should finally be enough to deliver for the bulls over the next 1 to 2 months.
Indeed, while there is no break back below the 200 day line one would be looking for a retest of former one year resistance at 16p plus, also the top of a rising June trend channel from last year. At this stage only a weekly close back below the initial April bear trap lows under 8p would even begin to question a sustained recovery argument.