Extract from this morning's research. Key levels available to clients.
The short term falling wedge structure highlighted at the end of Dec-2021 has continued to the play out with strong gains for the first two days of the year. At current levels, the reward to risk on the buy/long side is less favorable with the share having entered the bearish Fibonacci retracement range as well as the swing highs of 24-26 November and 7, 8 and 13 December. China tech down sharply in the US last night while Tencent is also sharply lower in HK this morning. I’m expecting the share to find resistance here these levels. DAILY CHART.
Disclaimer: The above analysis should not be considered as a trading or investment recommendation.
Disclosure: No position held.
In addition to NPN, I also provide short term trading analysis on other large cap JSE stocks including but not limited to FSR, SOL, MTN and AGL. In the offshore space, I focus on, but not limited to, the S&P 500, Nasdaq 100 and EuroStoxx 50 while also tracking USDZAR, EURUSD, DXY, USDJPY and AUDJPY among others in the FX arena.
For more insights and real-time ideas, get in touch today.
The short term falling wedge structure highlighted at the end of Dec-2021 has continued to the play out with strong gains for the first two days of the year. At current levels, the reward to risk on the buy/long side is less favorable with the share having entered the bearish Fibonacci retracement range as well as the swing highs of 24-26 November and 7, 8 and 13 December. China tech down sharply in the US last night while Tencent is also sharply lower in HK this morning. I’m expecting the share to find resistance here these levels. DAILY CHART.
Disclaimer: The above analysis should not be considered as a trading or investment recommendation.
Disclosure: No position held.
In addition to NPN, I also provide short term trading analysis on other large cap JSE stocks including but not limited to FSR, SOL, MTN and AGL. In the offshore space, I focus on, but not limited to, the S&P 500, Nasdaq 100 and EuroStoxx 50 while also tracking USDZAR, EURUSD, DXY, USDJPY and AUDJPY among others in the FX arena.
For more insights and real-time ideas, get in touch today.