The share price of Vodacom has recently broken out of the 11000 to 12750 range to start a new upward trend. Since the breakout, the price has retraced from overbought territory back towards support at 12750. This marks the first pullback since the breakout and a possible trading opportunity. The bullish candle at support suggests the pullback to be over and that the trend induced by the breakout may now be set up to continue. 13715 is the favoured upside target from the move, while a close below channel support at 12600 might be used as a stop loss consideration for the trade. www.ig.com/za/technical-tuesday
Trade active:
Reverse trade into a short. Target price at 110