SchalkLouw
Long

Top5 oversold/overbought according to RSI & WBHO

JSE:WBO   WILSON BAYLY HLM-OVC LTD
Oversold:

City Lodge Hotels 16
Long4Life 24
PSG Konsult 25
Delta Property 28
Accelerate Property 29

Overbought:

Pioneer Foods 77
Wilson Bayly Holmes Ovcon (WBHO) 73
Impala Platinum 71
Murray & Roberts 70
Pepkor Holdings 70

Spending some time on WBHO. With AECI, this must be one of my favorite SA Inc/Value stocks on the JSE. A company trading below a 10 FPE and a forward dividend yield of close to 6% (according to Thomson Reuters ). After the recent results, WBHO made a strong and quick recovery and now placed the share price in OVERBOUGHT territory according to its 14 day RSI . When you however look at the share price on a weekly basis, you will note that the share price clearly still got some legs.

You will note that the price got very close to it’s 10 year support line and after recent results, sliced through the 50 week moving average like a hot knife through butter. Next resistance could be found at R132. A break and close through those levels should only seek resistance at the 200 week moving average, R137.17.

Should the recent positive movement be a “bear trap”, support should be monitored at R95/share. If I was a short-term trader, this would act as my stop-loss as well.

Fundamentally the company is healthy – we will cover this company via our in-dept report this coming week. Thomson Reuters currently got a consensus target price of R148.67 on the company.
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