ANG has declined from R377 on 19 May to today's low of R303. At current levels, the reward-to-risk appears attractive for a short term buy/long trade, in anticipation of a rebound. Note the price trading close to horizontal support and back-testing the trend line extending back to the peak of 05 January.
Buy Range: 30300c-30600c
Stop-loss: 29400c
Target Range: 32600c-33000c
Current Level: 30515c
Note: Small bullish divergence on the Rand and the idea may be worth considering if the currency gives up it's gains. Also, some Rand Hedges (ANH and BTI) have been flashing, hitting intraday highs throughout the day.
Buy Range: 30300c-30600c
Stop-loss: 29400c
Target Range: 32600c-33000c
Current Level: 30515c
Note: Small bullish divergence on the Rand and the idea may be worth considering if the currency gives up it's gains. Also, some Rand Hedges (ANH and BTI) have been flashing, hitting intraday highs throughout the day.