Vodacom is now on the low end of a yearly cycle with price near the COVID low, this is the longest yearly decline for Vodacom. We will use the weekly chart to gauge the right entry point, we look for the following parameters:
1. A swing low (confirmed)
2. A close above the 10 week moving average (confirmed)
3. A close above the green declining resistance (pending)
The current week is showing a shooting star candle & another when viewing the daily chart. We can expect price to consolidate below the green line forming a bull flag or might want to revisit the low of 4 December setting a double-bottom. We await the fulfilment of the set parameters for an entry. More risk accepting investors can use a portion of the capital to enter at these levels aiming to achieving full holding when all conditions are met.
1. A swing low (confirmed)
2. A close above the 10 week moving average (confirmed)
3. A close above the green declining resistance (pending)
The current week is showing a shooting star candle & another when viewing the daily chart. We can expect price to consolidate below the green line forming a bull flag or might want to revisit the low of 4 December setting a double-bottom. We await the fulfilment of the set parameters for an entry. More risk accepting investors can use a portion of the capital to enter at these levels aiming to achieving full holding when all conditions are met.
Comment:
Vodacom has confirmed a close above the green declining resistance. So we have met all the conditions, the correction we have we can anticipate to turn upwards on 5 January or 8 January.
Comment:
Vodacom failed into another cycle, this means we reset the parameters for a weekly low.