After teasing with a break to the upside Ood Mutual (JSE:OMU) has remained within the medium term pennant, and is currently wedged between the 50MDA and 200MDA. A dialy close above or below either one of the two could confirm the direction of a break. With BV/S at 14.23 the bets is on for an upside break, target the Feb high with stops below 12.00, or 11.60
Old Mutual had high volume days last year that alerted us to some pending action - see posts below. Yesterday there was again some volume indicating the buyers are back from holiday and ready to continue the markup with some space to move.
It is an unusual time of year to see this type of volume in the market but it seems 2020 is an unusual year. A number of stocks are showing some volume pushing the price. Old mutual has had two relatively high volume days at the end of last week pushing price higher from a lower volume back up (BU) to a last point of support (LPS). There has been a sign of...
I have been waiting for the markdown to start in Old Mutual (See posts below) for a while. However, price has been testing the 2000 level but has been unable to break it. With a significant bar with some volume the last two days the new year might finally bring the markdown.
I think the JSE:OMU rerating relative to JSE:SLM is overdone and I am looking to enter the pair around 0.2462 with a target of 0.27 (TP1) and 0.275 (TP2). My stop-loss is set at 0.234
