Barloworld has not much done in the last year - but it has formed a bullish rounding bottom in the process. The chart has worked off some overbought conditions on the daily chart and has now approached both its uptrend and 50 day ma, which has provided support on numerous occasions on pullbacks. A daily close above the baseline of this pattern at R137.00, should see a technical target of R163.00 come into play. Perhaps not a bad place to enter here for a good risk reward ratio in anticipation of the eventual breakout. Stop loss close below R120.00 which would invalidate the rounding bottom pattern.
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