Old Mutual is seeking a low on the long-term time frame. Currently bouncing off support. More risk accepting investors can accumulate at these levels as weekly swing low is confirmed, longer term traders can wait for a swing low confirmation on a monthly basis. The target profit from this move is at least 25% at which point a downtrend can be expected to resume targeting a break of support before finding the ultimate bottom in 2023.
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Old Mutual missed confirming a monthly swing low by 1 cent, however after backtest of the falling wedge it broke out of, I expect price to move higher. This is a good area to enter.
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Old Mutual missed the profit objective only managing 21%, we now watch how this pullback terminates, ideally an option to buy again at weekly low point will allow scaling in if one had not taken profit.
My thinking is long term with focus on what the price could be since old mutual wants to open a bank by the end of the year that will be competing with capitec bank... I'm currently looking at a good entry point that I could hold long term, or alternatively buy old mutual shares
runyamhere
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@malopek27, A good entry point is near R9.30, if in the coming 2-3 weeks we go below R11.15 it means we will get to that point, that would be like buying near the floor. It offers a good springboard upwards. My strategy is simply to buy so that I can harvest a good profit, if 100% I take initial capital out & remain with only profit to hold at little opportunity cost.
malopek27
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I agree, my previous entry was at R9. 30 until I pulled it out because I didn't think old mutual was performing.
That is a good strategy
kagisomoela
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im long till 1469
runyamhere
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@kagisomoela, in the short-term OMU looks bearish with a failed daily cycle, see a low time frame idea posted here, that channel resistance might lead to confirmation of the bearish wedge:
runyamhere
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@kagisomoela, still long or pursued other opportunities elsewhere?