#Coronation YTD performance is currently 29.6% & remaining one of my favorites. It recently had a nice breakout, with moving averages looking friendlier. Both 5yr & 10yr Market Cap/Assets under Management % still indicate the company to be on cheaper side but getting close to fair value relative to International Asset Managers.
Technically the trend is getting a lot stronger. The share price however is however trading extremely overbought according to its 14 day RSI. Should the share price take a bit of a breather, first support level could be both the 200-day moving average & the top parallel trendline at R49.03. Should we breakthrough those level, next supporting levels could be R46 and then the 50-day moving average R44.13 (stop loss).
I’m however still positive about $JSECML over the longer term and still eyeing that 0.382 Fibonacci retracement level at R57.02. That correlates quite nicely with the current Thomson Reuters consensus target price of R56.80 on the company.
Technically the trend is getting a lot stronger. The share price however is however trading extremely overbought according to its 14 day RSI. Should the share price take a bit of a breather, first support level could be both the 200-day moving average & the top parallel trendline at R49.03. Should we breakthrough those level, next supporting levels could be R46 and then the 50-day moving average R44.13 (stop loss).
I’m however still positive about $JSECML over the longer term and still eyeing that 0.382 Fibonacci retracement level at R57.02. That correlates quite nicely with the current Thomson Reuters consensus target price of R56.80 on the company.