did you get in? or were you scared at the lows calling for a crash?
Stocks have rebounded from lows at 4040 or so, retracing about half of the massive selloff from earlier this week. We are currently testing resistance at 4144. The Kovach OBV is still pretty flat which suggests that this buy back was paltry with respect to the momentum of the selloff. Therefore, we are less likely to break current levels unless we have a...
The S&P has tumbled further to lower levels. We have broken a key level at 4073, and is currently in the middle of a vacuum zone that was created by the huge rally in stocks in April. We do appear to be finding some support at 4045, as suggested by the green triangle in the KRI. If so, this will constitute a new technical level. The next level of support is...
Stocks have sold off for two days in a row. However we appear to have a double bottom at 4122. This was a significant technical level to which we alerted you many times, so hopefully you were prepared. This level might be a great point to add to a long position, and the risk management is pretty clear. Below 4122, we have a vacuum zone to 4073, so it would be...
Having seen the price action take the buy limit orders placed in the overnight session, it was good to see the sell limit orders taken in the US session. Would have been a good trade to catch. The TP 1 has a 66% chance of hitting after the Initial Balance and that could be the turning point ahead of tomorrow's US inflation data. TP 2 had a 33% chance of being...
We warned you that stocks were at highs yesterday, and would take significant momentum to push higher. Indeed, stocks took nose dive and are finding support just above our technical level of 4144 after slicing through several technical levels. We are likely to see the S&P range at current levels and maintain 4144 to 4178. Further retracement could take us back...
This is an analysis for a client. Price is reacting at a key monthly support. Stochastic is on support where price bounced in the past as well. Please do your own due diligence. Losses can happen so please understand your risks and investment objectives first.
The JSE All Share Index today broke a two month old inverted head and shoulders pattern. Upside of 6% to 72700 is possible on the back of this pattern. This target will without a doubt be driven by escalating resource prices. Keep an eye on a break back below the 68000 level for a possible stop loss.
Truworths has been consolidating in a bullish looking flag pattern since February. A break of the 5100 level could open 5800 & 6200 targets.
Stocks have made new highs again in the overnight session, finally meeting resistance at 4245, which we have identified as a new technical level. We will see how they react toward today's open. If we see more momentum coming through we could see new highs again, however if not, we could see ranging or a retracement. It is likely that the S&P will feel out the...
The DXY has broken down from of a bearish ascending wedge. Looking to test the .618 Fib retracement level. If we break below this, the next support level at the .786 Fib level at about $81.5. If this happens, Equities will likely remain in an uptrend, particularly commodities. Gold is normally in this category, but due to central bank manipulation I would say it...
Stocks have broken higher, toward the upper bound of their range at 4214. We see increasing proclivity toward these higher levels suggesting that we are gearing up for a breakout soon. The Kovach OBV however is pretty flat, and seems unfazed by the move, so watch for resistance at highs. We will have support at 4188, 4178, and 4172. Our next price target is 4228.
Kumba has formed what looks like an inverted head and shoulders pattern. Wait for a daily close above 69500. Targets for this pattern would be 75000 and 80000.
Harmony broke a multi month downward channel in March and has since then been forming what looks like an inverted head and shoulders. Watch for a break of the 7185 neckline for targets of 8000 and 8900 to open up. The break will happen on the back of a rather bullish looking Gold Futures chart. Wait for the break
Stocks held a very narrow range yesterday, after dipping significantly, traversing the vacuum zone to find support at 4122. They could be gearing up for another breakout, which may finally take us to our profit target of 4227. Currently we are sitting at almost the exact middle of the range, at the 0.618 Fibonacci level at 4161. Watch out for 4187, which may...
We warned you of the downside risk yesterday in stocks, and it would have been very wise to pay attention. The S&P tumbled yesterday, careening through the vacuum zone back to 4144 and bottoming out just above the level under that, 4122. They were swiftly bought back, however, but that would have been a lot of pain to hold through if you were impatient and...
Stocks have continued to maintain their range between 4188 and 4214. The volatility in the S&P has consolidated a bit and we appear to be forming a bull flag or bull wedge at the moment. This could suggest that stocks are gearing up for another breakout. However, the Kovach OBV has dropped off considerably so we must be aware of the down side risk. There is a...