JSE:CFR Testing support and making head and shoulders in the process. Break bellow will be bearish.
Gold in ZAR looking bullish on the hourly
After a strong markup out of the accumulation trading range, there have been two steppingstone re-accumulations. The markup has broken the initial increasing trend channel and has now formed a steeper channel. Last week though we saw a climatic bar on volume and a strong reaction of the highs. There is divergence with the volume RSI. This indicates that a trading...
Impala has been weaker than the other sector stocks (Platinum & Precious Metals Index (J153)), for some time (see Comparative Relative Strength). However, recently the stock has shown strength and is the strongest stock in the sector. After a Selling Climax (SC) and Automatic Rally (AR) in 2016 there has been significant selling pressure (OBV) but price has not...
Sasol has formed a smaller Trading Range (TR). There has been a steady decline in volume indicating absorption. Divergence on the Volume RSI points towards accumulation. Price is approaching the Yearly Pivot Point and 200MA. If it jumps across this resistance we can see a markup but if it finds resistance we this could indicate distribution.
Reinet has been under pressure but the latest range shows signs of accumulation. Price has potentially formed a Phase C spring and the spring has been tested. Divergence with the volume RSI indicates upward volume pressure. Volume has been declining during the current trading range possibly indicating that the supply has been absorbed. Price is now testing the top...
Considering the number of stocks above the 50 and 200 daily MA we have seen a divergence with price. Price is making new highs but the number of stock above the MAs are decreasing. This indicates some weakness developing in the market and potentially and need to watch for reversal at resistance.
Rolling over again on the hourly - adding to current short position
JSE:BVT has formed a "open/close above stomach" pattern which is a strong reversal signal. It works as follows: After preceding downtrend, the second candle opens and closes above 50% of the long red body. Along with today's upward movement, we can expect it to reach our target at the next resistance level
Double bottom forming on the hourly - NFP this afternoon
Haven't called this stock too well this year, however after the magnificent rally we have seen of late, the stock may have gone too far too soon. Firstly if you look at purely the candlestick formation after today's trade, we are possibly witnessing the formation of an evening star reversal formation (tbc tomorrow). Secondly, we are starting to see volume...
There's been a pennant forming within a bearish trending channel. I am thus expecting that if there be a breakout off this pennant, we will enter with the sellers at 305869 Price level. I am only looking to sell, if the price breaks off the resistance of the trending chanel, I am not part of the move.
JSE:VOD formed a Bullish Harami reversal pattern on Friday. It has already moved upwards quite significantly today, but will most likely continue to our target level at the next resistance
JSE:TRU formed a bullish engulfing candle pattern on Friday which is a strong reversal signal. We can expect it to go upwards from here.
Possible reversal on JSE:SHP . It formed a bullish harami pattern on Tuesday at a level of support. The stochastic is also turning up at the moment which is a good sign for a reversal.
I have decided to have a deeper look into the technical structure of our top40 index which should give you a better technical view of what to expect from our market. Firstly interesting to note is that price has rejected off the 61.8% fib retracement using the last swing high and low that we saw between August and October last year. We have seen numerous topping...
JSE:SLM has been trading in quite a strong sideways channel since last year April. It is likely that it will bounce off of the bottom of the channel and head upwards.