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Innocentmaponde

Vodacom breaking down?

Short
VODACOM GROUP LTD (JSE:VOD)  
Innocentmaponde Updated   
JSE:VOD   VODACOM GROUP LTD
Trend Analysis Chart Patterns
3
0
trendanalysis chartpattern
Daily chart shows price trying to break support around R118.
I'm monitoring for, 1st, a close below R118, and 2nd, for that R118 area to act as resistance.
Provisional entry levels, R115/R116; target R100.
Comment:
On Monday (Feb 11) we saw a bullish engulfing candle, and the following day the price rallied, only to be stopped by the R118 resistance area (previous support).
In Today's session (so far), we saw a high of R118.
I'm in the trade at R115, my target is still R100. A breach of the R118 area will be my signal to prepare for exit at R120.
Comment:
snapshot

My 'Short' idea unfortunately hit SL last week.
But VOD is now 'breaking down' lower, hitting a low of R111.09 so far in today's session.
R100 is still insight in the Short/Medium term.
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