Friday’s trading action saw a rally into the bearish Fibonacci retracement level of R2476/R2491, with the zone acting as firm resistance on an intraday basis. The daily gain also saw the previously highlighted falling wedge (a bullish structure) starting to play out although being in the early stages of development. Tencent lower in HK this morning could see NPN being subdued in early trade, with the downside gap at 2460 possibly in focus. DAILY CHART.
Full analysis (specifically key levels) available on request.
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.
Full analysis (specifically key levels) available on request.
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.