JSE:PPE had a nice upward rally at the beginning of June followed by a slightly downward consolidation period. Because of these moves, we have seen the formation of a bullish flag pattern. A bullish flag is a continuation pattern, therefore the expectation is that the price will continue upwards once the breakout has happened. So far this morning a breakout has...
>SASOL and the oil industry have recovered from the 2020 March oil crash
>Buyers of the March had massive gains and now by the looks have taken profits
>Selling off has begun with targets +R140
>130 to 157 Zar looks like a good zone where new buyers will come in
That's a truck load of bases; I like to buy my stocks on the 1st up to the 3rd base, anything above the 3rd base I consider it as more risky.
But I can't ignore the fact that the 50EMA is holding the price very well.
A buy at current levels with a stop at $24 can still offer a reasonable risk:reward.
Here we see KAL's descending channel breakout accompanied by an ABC correction. A little late on this one but aiming for the target at the previous high for a 70% estimated appreciation.
Good luck and follow me for more!