Looking for a hourly close below 20800 to get short, and should have a daily close below 20800 as well. Possible downside targets are 18500 and 16500. There remains a open gap on the daily chart at around 15100 as well.
On what do you base these predictions? Oil price, rand dollar, company financials?
TraderT1307
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@practicalFlami88603, not based on any of the above. Purely on how I saw the chart, but I got it wrong and was stopped out today.
If I am not mistaken sasol took forward cover on the oil price @ 67 so I am not sure the rising oil price will have much of an influence. But I need to go back and check the facts. Just mentioning it as I can remember something like that.
practicalFlami88603
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@TraderT1307, yes sasol has a hedge fund in place for the oil price and rand dollar etc. but thats just to protect it from the lower side of the scales. Most of sasols chemical products prices in south africa is linked to the brent crude oil price (not just for petrol and diesel). to add to that remember that sasol has customers for south african produced chemicals around the world which is in part where the rand dollar comes to play aswell (obviously the brent crude is also priced as dollars). with sasol 2.0 they have been busy gearing up their checks and balances, selling some of the plants around the world and also streamlining and improving profitability to a point where sasol can still turn a profit at a brent crude price of around $45 if i remember hearing fleetwood correctly. I dont know how much the trading dinamics have changed since they moved their focus to mainly speciality chemicals but is should still be roughly the same impactors. Do yourself a favor and trend the oil price and sasol share price on one graph and see the similarity.
kind regards
TraderT1307
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@practicalFlami88603, Thank you, I keep record and review all my trades whether it's a winning or loosing trade. Your comments are much appreciated and will help me in reviewing this trade and making notes.