It looks like R263 to 264 is still a level where buyers have lined up to take advantage of the fall. This is also in line with the 50dma.
Once again stay cognizant of the USDZAR .
MariusGrobler301 is having a look at this trade for our clients.
This afternoon Lester is looking at a technical trading opportunity in the healthcare sector.
Last week we saw APN decline sharply from around the R290 level following the release of a trading statement indicating that Headline Earnings Per Share would be higher by 11% - 15%, well below analyst consensus expectations.
While this was somewhat disappointing, the company is due to release it's results on Thursday 13 September which should shed further light on underlying operations.
From a technical perspective, buyers appear to be lining up around the R263 to R264 level which is also in line with the rising 50-day moving average and prior breakout level (green shaded area).
At current levels traders could look at taking a short term buy/long position in anticipation of a rebound.
These are the trading levels:
Buy APN at current levels R265.70
Take Profit Target: R280.00
Please chat to the Unum Capital Trading Desk to take advantage of any trading opportunities.
All the best,
Unum Trading Desk Analyst
Tel: 011 384 2923
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