Vodacom ($JSEVOD): Close to Weekly Low

runyamhere Updated   
Vodacom is seeking a weekly and yearly low price, good entry points around this zone, we are close to COVID lows. Price has found itself back in the channel that formed from April 2022 peak, currently at resistance of the channel.

If we get a rejection we can expect price to attempt lower than R106.78, that would mean another lower risk entry, so it would make sense to deploy 50% of intended holding at current price then the balance on swing low after a lower low or on closing above the green line.

Green trendline = Weekly cycle confirmation on closing above on a weekly basis
Purple trendline = Yearly cycle confirmation on closing above on a monthly basis
With MTN having failed early in the weekly cycle, we must think whether Vodacom can go it alone, the half cycle correction will be a pointer. The point of failure is R111.60.
Trade closed: stop reached


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