Friday brought a significant bar, some volume and a break of the 50SMA which all indicates some momentum to the downside. See posts below following Naspers lower.
Shoprite had a push to break the yearly pivot point with some volume but after a the upthrust (UT) there has been two lower volume test that has failed. A large reversal bar yesterday also indicates the path lower is open now. We are likely to test the 10000 level and potentially breaking it. This looks like a backup (BU) after the breakout of the previous trading...
JSE:SSW is looking good for a short position soon. If this downward momentum continues, we could be looking at a nice bearish move next week. I will wait for a confirmation below the 6700 area before entering.
JSE:QLT seems to be currently bouncing off of a very strong resistance where it has not broken through numerous times. If it fails to break through again this time, I will consider a short position on it's way down.
The JSE has had a good run showing some signs of strength (SoS). After a spring and markup, we tested 60000. Buying interest is lower than November/December which could indicate some consolidation in the short term. This could result in a backup with a set of the breakout level at about 54000. Will watch how this develops.
purple group looking attractive to blast out of the box range
a continuation to the upside pretty much strong...
MEI is breaking above yellow line. Its a nice clean break, however there is a trending decline in volume, since the start of the year. Perhaps this is a sign not to buy long, but rather observe.
Prosus is being distributed on the back of Naspers - see posts below. Time to watch for the volatility.
Following the weakness in Naspers - see posts below - since December we are now being marked down in Phase D as defined by the Wyckoff distribution range. We have seen a couple of tests of the highs that have failed and we are likely seeing a transfer of stock from strong to weak hands. We are now anticipating a break of the upsloping distribution range....
High volumes in Massmart is pushing the price higher and buying is becoming ever increasingly desperate. A bigger bar than has been seen with some volume but not that high is showing that the has been bought up by the "Composite Operators"/"Strong Hands" and there is not enough stock to satisfy the demand. This should push the price higher.
Following the markup of Distell - see post links below - after the breakout, we have seen a consolidation recently. There has been some effort (high volume) to push the price down but the response was only a shallow pullback not even making it back to the breakout level. We have now seen a significant bar and we are now looking for a continuation higher.
JSE:GFI is showing some upward momentum and we could see an upward move if it breaks higher than this morning 's opening. The stochastic and MACD are both confirming this move with their upward turns and the 3 and 15 EMA's have recently crossed upwards at quite a strong support level.
All three of the "momentum indicators" have turned up with this morning's opening which could indicate an upward move on JSE:ANG . It has also bounced off of a significant support level which goes all the way back to August 2019. If it continues with the upward momentum, we could see an upward move all the way to the 40000 resistance level.
JSE:SOL is showing signs of a momentum change, and we could be looking at a downward move to the support level around 15500. The stochastic and MACD have both crossed down a couple of days back and we finally have confirmation from the EMA's that the trend may be changing.