JSE:ANG made a string downward move early in August. Since then it has been consolidating in a slight upward direction. Although not confirmed yet, this might be the formation of a bearish flag pattern. If it breaks through the bottom of the consolidation area, we could possible see a downward move as far down as the length of the original flagpole. I will wait...
JSE:ANG has formed a double bottom chart pattern and is showing some upward momentum based on the upward turn on the stochastic at the end of March and, more recently, the crossing of the EMAs and the upward turn of the MACD. If it breaks through the highs formed in early March, it might give us a nice upward move.
All three of the "momentum indicators" have turned up with this morning's opening which could indicate an upward move on JSE:ANG . It has also bounced off of a significant support level which goes all the way back to August 2019. If it continues with the upward momentum, we could see an upward move all the way to the 40000 resistance level.
JSE:ANG has formed a double top around the 52500 level. It has broken through the "dip" between the two highs, which usually is a trigger to enter a short.
We could see a move all the way down to the support zone at the 31000 level.