My previous chart just need an update.
After the 8 600 entry position I proposed, Sasol is still holding firm as we approach the earnings report. Keep holding it and do not be alarmed if it retraces back to the 18 000 level. It is still above the 50MA, 200MA and the fundamentals are not providing any erratic downward movement (specifically the rights issue).
The current price movement is technically replicating number 1 on the chart, So we can expect some consolidation coming up at number 2 before it breaks above the 22 800 level or come down again.
After the 8 600 entry position I proposed, Sasol is still holding firm as we approach the earnings report. Keep holding it and do not be alarmed if it retraces back to the 18 000 level. It is still above the 50MA, 200MA and the fundamentals are not providing any erratic downward movement (specifically the rights issue).
The current price movement is technically replicating number 1 on the chart, So we can expect some consolidation coming up at number 2 before it breaks above the 22 800 level or come down again.
Trade closed: target reached:
The May 2020 analyses played out well. Take profit has been reached. If you have a small account then secure your targeted profits. Those of you who have partial positions opened can close a few. SASOL is still bullish for me but I now have 1 position opened. I will be waiting for breakout confluences to add in more.
