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From Nov 2021 to June 2022, JSE:PPE painted a double top structure and bears took control of the price in August 2022, squeezing it into a sharp falling wedge.
Price still has some wiggle room to the downside and the instrument may be seen testing levels around 43 ZAC, which coincide with the height of the double top projected downwards. This price area is also around the highs of January 2020 which were broken in May 2020 before price soared and have since not been retested.
With the above confluence, a strong bullish close over 2 consecutive days around this zone will be an indication of the bulls waking up from their deep sleep, getting them ready to kick prices higher towards 226 ZAC and possibly further beyond 350 ZAC.
Failure of the zone around 43 ZAC to turn into a support could see the instrument slip to 28 ZAC and further more to 9 ZAC.
Sentiments on the instrument: Bullish only at 43 ZAC or above 96 ZAC from Current levels.
Comment, like and follow if the above analysis was helpful :)
Price still has some wiggle room to the downside and the instrument may be seen testing levels around 43 ZAC, which coincide with the height of the double top projected downwards. This price area is also around the highs of January 2020 which were broken in May 2020 before price soared and have since not been retested.
With the above confluence, a strong bullish close over 2 consecutive days around this zone will be an indication of the bulls waking up from their deep sleep, getting them ready to kick prices higher towards 226 ZAC and possibly further beyond 350 ZAC.
Failure of the zone around 43 ZAC to turn into a support could see the instrument slip to 28 ZAC and further more to 9 ZAC.
Sentiments on the instrument: Bullish only at 43 ZAC or above 96 ZAC from Current levels.
Comment, like and follow if the above analysis was helpful :)