JSE:KIO has broken an upward trend and it looks like a reversal could be happening.
Stochastic and MACD are confirming with their downwards cross. We could see a move downwards to either the 56000 or 48000 support levels.
Following a stochastic, MACD and EMA momentum strategy, AGL is showing two of the three confirmations for a short, if it trades lower today and the EMA's cross, I will take this as confirmation to enter a short position.
A dark cloud cover pattern has formed on JSE:QLT . This is a bearish reversal pattern and if it trades lower than the open of today, it could be looking good for a short position down to the 200MA or further down to around the 2750 level.
JSE:DSY has revently bounced off of a strong resistance level that dates back all the way to 2015. If it continues down and breaks below the low formed on the 7th of Jan 2021, I will consider a short position based off of the downward momentum. The stochastic, MACD and the 2 EMA's are all showing signs of a downward move.
JSE:HAR is in a downward channel and in the last few days has bounced off of the top of the channel again forming a lower high. If it fails to break through the top of the channel, we could see a continuation downwards towards the bottom of the channel to around the 5000 support level.
JSE:APN has been consolidating in a sideways move for 2 months and with this morning's upward move, it has broken out of the "buy-box" very convincingly and we could see a nice upward move up to the previous high resistance from mid June 2020. It could also be seen as a horizontal bull flag pattern emerging.
JSE:GLN has been trading in a somewhat sideways consolidation area since 3 December and with yesterday's large upward candle it has broken through the top as well as the 5000 level - this level is a strong level on the daily as well as the monthly chart and acts as a strong psychological level due to the round number. I think we could see a nice upward move from...
JSE:GFI has bounced off of a support level and looks like a upward move is a possibility. The stochastic and MACD are confirming this momentum. If the price moves up above the 15000 level I will consider a long position. Beware that it might find some resistance on the 200SMA, so if it breaks through that, it further confirms the move.
JSE:SBK has broken through an upward trendline that it has been obeying since end of October. Today's price action is showing some strong downward momentum. The stochastic and the MACD have also crossed downwards, confirming the signal for a short position.
JSE:BID is bouncing off a strong resistance level and is struggling to break higher. If it trades lower than 27000, I will consider a short position as the stochastic and the MACD are showing signs of a momentum change. If it trades lower, the two EMA's will also have crossed downwards signaling a momentum change.
A Cup and Handle pattern has formed on JSE:MTN .
The Cup with Handle is a bullish continuation pattern and as its name implies, there are two parts to the pattern: the cup and the handle. The cup forms after an advance and looks like a bowl or rounding bottom. As the cup is completed, a trading range develops on the right-hand side and the handle is formed. A...
After a few doji candles, JSE:MTN has developed a bearish engulfing candle at a resistance level. This is the sign of a possible reversal. I will keep an eye on this and if it breaks lower, I will consider a short position taking it all the way to either the 200SMA or the support level at around 5500.
A small inverted head & shoulders pattern has formed on JSE:SOL in the recent past, but it is yet to make any significant upward move because of it. It came up and tested a strong resistance level on the 10th of Nov and then retraced back down. If it comes up again and breaks through that resistance line convincingly, I will consider entering a long position.
JSE:CPI is showing signs that it may retrace downwards for a bit before continuing up. The MACD and Stochastic are both showing downward momentum and if it trades lower than today, the EMA's will confirm a downward cross. Keep an eye on this one for a possible short move to around the 200 SMA support level.
JSE:CLS has reached a level of resistance and is showing some downward momentum. The stochastic and MACD has both crossed downwards and the 2 EMA's have confirmed this momentum. I will look to go short if it trades lower.
JSE:OMU has found some resistance at the 200 Moving Average and could be heading for a downward move. The stochastic and the MACD are both starting to confirm this downward momentum.
A double top has formed on JSE:AGL . I'll keep an eye on this for one for a break below 43000. If it confirms, we could be looking at a downward move for a short position.
