R100 big support level to watch for JSE:SHP by JonathanOtero7f

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SHP has held R100 more than once last week and managed to hold. Made a nice pin bar reversal candle on Friday as well so a long will trigger if we have a close above R102. First target at R105. Stop loss would be a close below R100 on the daily.

Trade closed: target reached: Target of R105 reached. R100 is still a big place of support on SHP.

Trade closed: target reached: 2nd target was reached instantly after a positive trading update was released by SHP. It has managed to stay above the important R110 level. A close below that level would close the gap otherwise we have a potential move towards R118/R120

Comments

Hi there, nice analysis! What is your short-term projection?

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Pietie3000

@Pietie3000, Short term is for it to move back to R105. There's definitely a buyer at R100. Made the same pattern today when it reached that level. It is mean to come out with a sales update either this week or the next so that will be the catalyst for the next move. A close below R100 means the trend continues.

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JonathanOtero7f

@JonathanOtero7f, Thanks ! Makes sense.

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