$JSECML Coronation entering a technical shorting area

Coronation Fund Managers (JSE:CML) held a massive level of horizontal support between R38 and R39 since the early weeks of 2019. After testing this level on numerous occasions, the bears finally got the final break in March this year, which pushed the stock as low as R25.00. Since bottoming out at around R25, the stock has spent the last couple of weeks consolidating these losses only to come back and retest the breakdown level. I fear that the amount of overhead supply waiting to get out above R39 will be just to much for bulls to get an easy win here. I would expect the stock to find resistance at the old support level and start to move lower. First target R33, if things get messy, it could even retest the previous lows at R25. Not a bad risk reward here, as you could try get in as close to R38 as possible, using a stop loss as a close above R39 or R40, and target R33 to take profit.