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Sajuli
Aug 29, 2018 10:28 AM

Blue Label Telecoms - Long Long

JSE:BLU1D
BLUE LABEL TELECOMS LTDJSE

Description

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Long BTUJ - believe we reached bottom post results and due to exit of dividend holders. Despite the volume, no major drama on the selling front. Fundamentals look good.

Technical levels:
SL 659 - Essentially just below the 2018 low or 7.25% from current price.
T1 - 820
T2 - 930 (might want to trail that one if momentum look good)
R/R = 2.7

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Sample numbers trade (numbers are indicators only):
1000 BLUJ @ R7.37 = R7370.00 = ~$513.00
Risk = R0.78*1000 = R780 = ~$55.00
Total TP = (R1.61*500)+(R2.71*500) = R2160 = $150.00

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I'll update as the the trade goes along.

Trade closed: stop reached

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Trade closed with loss. No ideas on reentry. Fundamentally still want to love this stock, but awaiting more technical information.
Beyond Technical Analysis
Comments
Sajuli
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MTN debacle on 30. August had an overall negative effect. Level still holding and created a nice pattern today.
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