Yet another bear flag - continue to add to short position
After showing signs of strength (SoS) (see the previous post) the tide seems to have turned and we are seeing some signs of weakness (SoW). Volatility has increased to the downside. The smaller TR that has formed at the top of the larger TR is also showing an increase in volatility indicating distribution. With the rally in gold, the rally in harmony has been poor...
BHP has been trading in an advancing channel since 2016. Price is now at the overbought line of the advancing stride and a pullback and move to the bottom of the channel can be expected.
Curro Holdings have been in a downward trend and declining in steps. There has been an effort to push the price up but without response. We see this through the hidden divergence with the Volume RSI. Price has again reached the bottom of the previous step and has been rejected again indicating the markdown continues.
ABInBev has been keeping to clear trend channels within a larger downward stride. With a break of the upward stride and rejection of the overbought line of the larger downward stride, we can possibly see a new downward trend starting.
The Top40 has had a great run since the start of the year. On the way up there were two occasions when institutional supply entered the market (seen by the high volume) but was unable to stop the advance. Now the market has reached the highs were previous institutional supply occurred. However, the volume has declined in the leadup to the elections. Trading volume...
FX:USDZAR Trading in box for some time. Resistance around 14.80 to 15.00. Support at 13.20.
OANDA:EURZAR Symmetrical triangle in making break bellow 15.90 will be bullsih for ZAR. Go mighty rand !!!
A PIERCING LINE has formed on JSE:REM . A piercing line is defined by the following: - After a preceding downtrend, - Green opens below previous days close, and closes above 50% of the real red body. - Bottom reversal signal - Candles must be different colours. Because of this, along with the upward channel that it has been trading in, I entered a long...
JSE:LHC Making bearish flag after big drop. Last 3 days found resistance around 2700. First target for flag around 2550.
JSE:CPI Hourly chart with bearish flag. Full target should be around 126000.
JSE:MRP is once again showing a bearish engulfing candle pattern, but this time, it is also coinciding with a triple top resistance level. The last bearish engulfing didn't play out, but because of the strong resistance, this one is more likely to.
JSE:AGL is bouncing off a support level at the moment with the stochastic turning up. This could possibly mean a reversal, so if it continues upward I am entering a long position.
Previous support turning into resistance - confirms weekly bearish bias
We have a Bearish Engulfing on JSE:MRP which was formed yesterday. This could mean a possible trend reversal from the short term up trend. I have entered a short trade at this morning's opening.
JSE:ANH Double top triggered on hourly chart. Target around 120000-121000 for gap close.
JSE:NED is showing a bearish harami pattern, so is ready for a short position.
JSE:SHP Trying to break above big box developed over last few months. So far looking good for bulls.