Transfield Services - Watch out below

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Transfield Services Ordinary ASX:TSE closed on Tuesday 30 September 2008 at $7.59. The Head and Shoulders measurement formula (vertical red lines on chart) suggests a minimum price target of $2.50, a drop of over $5.09 over the coming weeks, possibly months. Expect counter moves (corrective rallies) on the way down. The $2.50 level is a minimum expectation.

Good luck to all with TSE.

Keep in mind that although the Head and Shoulders pattern is a good indicator of possible action no pattern is 100% reliable. If it was, chartists would own the world. And they don't.

James Leo Donoghue

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