JSE:RMH broke through a descending resistance a couple of days ago and is also has triggered all of the criteria for a long on the trend following momentum strategy.
We can anticipate a bit more of an upward move before reaching the resistance level.
All of the criteria have been met for a long on JSE:AMS on our Momentum Strategy.
The EMA's have crossed, The Stochastic has crossed up along with the MACD.
JSE:AMS has broken out of a descending triangle pattern as well as breaching through a downward fractal.
I have entered a short position with a target around the 55500 level.
The exponential moving averages have crossed upwards, the stochastic has made an upward turn and MACD is also on the up.
These are all signs to go long as the momentum is moving upwards.
JSE:ANG has broken through a descending resistance line and could continue upwards. I will wait a bit to see if the direction is confirmed before entering into a long position.
JSE:WHL has broken through a descending resistance and confirmed the breakout with the next candle. This breakout also happened at a support level.
We can expect an upward move due to this breakout.
JSE:GRT is showing a piercing line pattern which is a bottom reversal pattern.
Definition of Piercing Line: After a preceding downtrend, the green candle opens below the previous days close and closes above 50% of the previous red body. The candles MUST be different colours.
JSE:SBK has broken through the descending resistance and formed a bullish engulfing candle pattern yesterday. Because of the strong momentum, I decided to enter a long position at opening this morning.
JSE:BVT has broken through the descending resistance and has confirmed the breakout.
We can expect a move towards the resistance level around the 21000 level.
For the cautious trader, you can wait for it to break through the fractal or for the more aggressive trader, you could enter immediately.
JSE:ABG has broken out of the symmetrical triangle pattern that had formed.
Today it seems to be retracing a bit and you might find that it will bounce off the resistance before continuing downwards.
Depending on your risk appetite, you can enter a short right away or wait for a retracement and bounce before entering.
JSE:MNP is trading in a downward channel and a pattern has emerged that every time it hits the top of the channel, it plummets towards the bottom of the channel. It has recently hit the top of the channel and is looking positive for a downward move, but just to be safe, we will wait until it breaks through the fractal a little below the current price.
JSE:SPP broke out of the bottom of the 'buy box' consolidation area yesterday which normally means a signal to go short, but it seems like a hammer candle is forming which could mean a reversal, so I will remain cautious and only enter a short if it breaks the current low of today's price action.
JSE:MTN has broken out of a symmetrical triangle and is looking good for a short position. Personally, I would wait for a confirmation by it breaking through the fractal on the 13th of May before entering a short position.
JSE:SAP formed a bullish harami off of a descending support line which also coincides with a support level from early 2015. It is looking very promising for an upward move.
