I sold off my TEP trade. As I mentioned before I don't like the fundamentals much any more and so wanted to trade to just the channel system. It started dropping back off my 700 target so that was enough for me.

I had a look at the fundamentals for TEP from a value perspective. I don't like the fact that the current P/E is 22 vs. Ultilities in general being more like 12. Additionally, the dividend yield at around 3% is one of the lowest values it has been for some time - the peak being at around 9%!

This week TEP broke up and will hopefully set a new positive trend for the coming months. MACD histogram is trending upwards (+). Even though the price is above the EMA (-) I'm hoping for it to stay predominantly above it for the foreseeable future.

The daily also show TEP well and truely working in the upper half of my channel (+) indicating a new trend. MACD suggests some more movement to the upside (+) and finally the RSI have still a decent amount of runway to go before it starts flagging an overbought signal.

Despite the pullback since buying TEP recently, the reasons for buying still hold I believe. The weekly chart is starting to show a turn upwards in the MACD histogram (+) and we seem to be seeing a support level at 600. However my opening trade is against the tide considering the EMA is trending down. I'm hoping for a run to 700.