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Toyota Motors (TM) Trading at Key Pivot

Toyota Motors (TM) has been bearish in 2017, but shifted to sideways price action since April. 

TM Daily Chart

(click to enlarge)

2017 Price Action
- As we can see on the daily chart, price action in 2017 walked back most of the gains from 2016. 
- There was a key support at 110. If price held above 110, TM would have maintained some bullish bias. 
- However, the break below suggests TM is sideways and possibly bearish.
Range, Resistance, Bullish Outlook:
- Since the bearish break out, price reached down to the 104-104.10 area and began trading in a sideways range, with the resistance around that critical area around 110. 
- July was a bullish month with price bouncing up from 104 to the 110 area, where it has stalled this week.
- A clean break above 110.40 should open up the 116.00 mark. 
- This bullish outlook would only be for the short term. The general mode of TM is still directionless, so we don't have to have too aggressive a bullish outlook.
-116 would be the middle of the previous consolidation range, and a bull run to this level would still be within the sideways consolidation mode. It fact, it would start to look like a triangle (including price action since April 2016).