Marcelle_Nel

Possible triple top reversal incoming?

Short
JSE:SOL   SASOL LIMITED
Sasol seems to have fallen into a triple top pattern on the hourly time-frame, with 152 acting as strong resistance and 132 acting as strong support. If Sasol fails to break above 150 convincingly in the next day I am expecting a decline to 132-ish again. If that level breaks a drop to 117 seems very likely in the short term.
Comment: Clearly the reversal to 132 has not happened and does not seem likely by close of trading day. But it does seam we are indeed on the way there. Let's see how this pattern unfolds. Also, check my bullish scenario taking up the ascending triangle view.

Comments

Hi, I bought sasol shares at 135, is it a good idea to keep them there? Or just sell and wait for the fall again?
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@tkmosia, If I were you I would keep them for now to be honest. Analysis can be wrong and there are no guarantees. If the price drops significantly I would consider buying more shares again in order to get my average price down. It's not really a viable strategy to time the market. It's more about having time in the martket.
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Would it be wise to sell and rebuy?
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Marcelle_Nel luckyEggs47477
@luckyEggs47477, Hey bro, I can't give that specific advice. All I can do is analyse and put ideas out there. I personally have already sold and I am awaiting confirmation as to where the market leads. I believe the market overbought Sasol last week and is due for a correction back down to 120 ish. Not even mentioning the new news regarding their change in business model incoming, as well as staving off dividends for the foreseeable future to keep their newly found debt covenants afloat. They also hedged oil sales till the end of the year at a price well below current oil prices. I think the markets are yet to come to grips with these realities. Sasol, in my view, is still going to face more volatility in the coming months, not to mention SA is still to go through the worst of the coronavirus. If we think 85k cases now is bad, wait until we get to August when we have 20k new cases per day and the severe impact on our hospitals rears its head. I foresee another crash in local markets as being imminent.
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luckyEggs47477 Marcelle_Nel
@Marcelle_Nel, thanks bro....brand new at buying and selling shares.....still trying out things.....made my first purchase when it was at r70 per share
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Marcelle_Nel luckyEggs47477
@luckyEggs47477, nice dude. I bought at 69 and sold at 135ish, just before that massive pump. Lol, what a mistake. But I still firmly believe that pump was more FOMO than anything and I expect a correction back dow to 120ish.
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luckyEggs47477 Marcelle_Nel
@Marcelle_Nell,lol made a lot of mistakes....I bought at r40 as well and panicked and sold at r44.....bought again at r72 and sold at r149......waiting for a beeeeg increase again
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Marcelle_Nel luckyEggs47477
@luckyEggs47477, Dude I remember how I felt when I bought for R 69, and then 1 week later it was 40... I felt like an idiot lol
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luckyEggs47477 Marcelle_Nel
@Marcelle_Nel, just a question....where is good to learn about investing strategies and is good to buy and sell for short term profit or hold for a long term
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Marcelle_Nel luckyEggs47477
@luckyEggs47477, Hey dude, I literally watch any vids on youtube that I can. I've found no one channel really has everything. Some have great vids on specific topic and terrible videos on other topics. Best is to start watching as many technical and chart patterns analysis vids as you can. You will soon start building up your base knowledge. If you find a video that is particularly helpful save it to a playlist for future reference.
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