Interesting observation on Sappi (SAP.JSE). The bottom of the range coincides (almost) with the 200 day moving average. Becomes a STRONG buy at R80.00. buying here makes it easy to place your stop loss as a breach of the 200 day moving average would signal a bearish break lower. Take profit level is the top of the sideways channel.
@cgd, I think support will hold. We could see a long tail reversal by end of day...I'm staying long and will exit at 77.85 which would signal abreak of support
Price is approaching your 76 level