From my the prior week's research report (10-May-2021).
There are times when you've really got to be patient with stocks (not easy). In this case it FSR where I was expecting continued 'chop' as the share attempts to break the year-to-date resistance (see potential price path on chart). So far we've seen a pullback (as expected) with another attempt to turn up in the last two sessions. The current level is in the middle of a broader channel which has been in place since November.
Below 5135c is temporary failure/SL.
Key level is the year-to-date supply at 5330c, which is what I was referring to in my report. If this level turns to support, it will add confidence to the idea.
Also, a broader update on my positioning coming into the week, as per my research report
Amidst the weakness thus far this week, I have seen some of my themes/views started to take shape (a big focus on relative performance).
Non-Comprehensive:
- Gold over Copper +4% yesterday
- Platinum bear flag in process of triggering. Support broken yesterday.
- IMP losing ground from multi-year highs. Down over 8% yesterday - Risk view based on monthly chart (resistance and structure). Short term, the R215-220 area is of interest to me (as a buy/long) - will monitor.
- Telecommunications vs the All Share Index. +1.72% thus far. TKG and VOD up +8% and 1.8% for the week.
- Food Producers positive relative to the market. The market responding positively to results TBS. Share has cleared the key +R220 level we have been monitoring since March, with the 200-week SMA as target (now around R265). Will monitor closely if price action turns negative but for now it continues to act well.
All the best.
There are times when you've really got to be patient with stocks (not easy). In this case it FSR where I was expecting continued 'chop' as the share attempts to break the year-to-date resistance (see potential price path on chart). So far we've seen a pullback (as expected) with another attempt to turn up in the last two sessions. The current level is in the middle of a broader channel which has been in place since November.
Below 5135c is temporary failure/SL.
Key level is the year-to-date supply at 5330c, which is what I was referring to in my report. If this level turns to support, it will add confidence to the idea.
Also, a broader update on my positioning coming into the week, as per my research report
Amidst the weakness thus far this week, I have seen some of my themes/views started to take shape (a big focus on relative performance).
Non-Comprehensive:
- Gold over Copper +4% yesterday
- Platinum bear flag in process of triggering. Support broken yesterday.
- IMP losing ground from multi-year highs. Down over 8% yesterday - Risk view based on monthly chart (resistance and structure). Short term, the R215-220 area is of interest to me (as a buy/long) - will monitor.
- Telecommunications vs the All Share Index. +1.72% thus far. TKG and VOD up +8% and 1.8% for the week.
- Food Producers positive relative to the market. The market responding positively to results TBS. Share has cleared the key +R220 level we have been monitoring since March, with the 200-week SMA as target (now around R265). Will monitor closely if price action turns negative but for now it continues to act well.
All the best.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.