Interesting trading week Sasol had last week. it finally managed to break the down trend as well as the R 144 resistance and finished comfortably at R 149 approaching the infamous R 151 resistance. For those that have been following my Sasol analysis would know this has always been the struggle point Sasol cant seem to get passed. having been tested countless time its safe to assume the pattern might follow and we could see a drop. If we have a mildly positive market we can expect it to rest at the R 144 support line and if we have a negative we can expect to break beyond this point. If we do have a positive market however we can expect it to peep beyond the resistance and perhaps then see a drop from there. Its safe to assume this positive rally was due to the news of a deal being made on the sale of one of Sasols assets. With its performance this past month its hard to see Sasol drop below R 120.
@Rekash it will depend on today’s performance, we have had a lot of bloody Tuesday’s lately. And we could get another. Historically speaking all arrows are pointing to a drop.
Rekash
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@AfroTez, thank u. I sold at 148, I was hoping for a drop so that I can re buy.
Rekash
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@AfroTez, sasol will start their retrenchments process in mid August this year which will be staggered. I wonder how negative this will impact the share price.