Quilter is moving into a long weekly cycle, currently in week 42. Price is also seeking a yearly low, the last was the COVID low and we are well below that level. Ideally we want price to go below the previous weekly low (R16.61), this gives a good runway to the upside. The dashed pink line is where we will have confirmation of a weekly low by closing above this line on a weekly basis. The dashed green line is we will get a confirmation of a yearly low by closing above this line on a yearly chart.
The blue line is the daily cycle line, closing above this on a daily chart with a swing low means we have left behind a cycle low. Of interest is the intersection of support formed by previous weekly low horizontal blue and a median line of the Pitchfork, double support usually provide turning points. Higher risk entry would be a close above blue daily cycle line.
The blue line is the daily cycle line, closing above this on a daily chart with a swing low means we have left behind a cycle low. Of interest is the intersection of support formed by previous weekly low horizontal blue and a median line of the Pitchfork, double support usually provide turning points. Higher risk entry would be a close above blue daily cycle line.
Comment:
Excellent of Quilter moving per expectation, we are now above the weekly low confirmation price & can expect to close above this line. By not going lower than R16.61 it means that becomes a yearly low price and must now look forward to price aiming for the green dotted line.
Comment:
Quilter is reaching a weekly high price, a good place to take some profit perhaps 60% of the position to be deployed again when uptrend resumes. We still have not reached the yearly low confirmation.
