$JSEVOD - Vodacom: Bullish Continuation Channel Setup
Vodacom stock is not the most exciting share to trade as it is lethargic and does not produce the best technical patterns or wave counts.
A 80% price appreciation from the March 2020 lows has been followed by a currently 29% decline.
Though this decline can be classified as a bear market, there are early signs of a potential turn around.
The price action has been contained in a bull flag pattern and there is convergence between the MACD and price action indicating that selling momentum is waning.
A breakout from the upper resistance trendline, preferably on increased volume, and a break above R132,49 will provide additional signals that the bear is potentially over.
A 80% price appreciation from the March 2020 lows has been followed by a currently 29% decline.
Though this decline can be classified as a bear market, there are early signs of a potential turn around.
The price action has been contained in a bull flag pattern and there is convergence between the MACD and price action indicating that selling momentum is waning.
A breakout from the upper resistance trendline, preferably on increased volume, and a break above R132,49 will provide additional signals that the bear is potentially over.
