Capitec Bank share price just reached a resistance level on bigger time frames like the daily, with addition to the weaker Rand after the unemployment news release stats as well we just saw the price breaking and testing below the trendline,
the share price may go down to just over a R1000 as stated on the chart analysis but it may bounce long again.
JSE:CPI formed a piercing line pattern with Friday's close which is a bottom reversal signal.
After a preceding downtrend, the green candle opens below the previous day's close and above the middle point of the red real body. It is a bottom reversal signal, but the candles MUST be different colours.
Uptrends rarely come as crystal clear as this. I feel bad for not having bought this stock earlier even though i stay in South Africa where it is listed. However, for all those traders like me who missed the initial rally, i expect prices to go up further. A good place to enter a long position would be if price retraces to the 134290 price level.