So we all know that Sasol is no longer an oil company right...? They did warn that chemical prices will cause a bit of confusion with their earnings too... Sooooo.... Oil price under pressure and some random mixed bag of chemical sales prices means that they have a bit of conundrum right...?
Why don't we keep it simple and just look at the chart then shall we? gap down on an update, then oil price comes under pressure...Update says chemical prices are garbage...Um...just sell it.
The stock has already broken below the 200 day moving average. It's already breaking horizontal support at R300.00. It's about to test the 50 day moving average at 290.00...Next support after that is R260.00... JUST SHORT IT! Target 260.00.
YOU HEARD IT HERE FIRST!
Trade closed manually
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We closed this short manually on 7 March to avoid having to pay the dividend for a very decent return!
Actually i was the one that said Sasol is a chemical company with oil assets and as was raked over the coals. but thank you for supporting my apophasis?
but thank you for supporting my apophasis?