Following Tongaat off the base that was formed - see posts below - the stock has made slow progress with sharp rises followed by drawn-out pullbacks. However, volume remains high and the stock is being accumulated. Now after a test of the yearly pivot point, we can again expect the stock to make further progress in its rise.
As with Naspers Prosus has made me wait after observing some weakness in the stock. However, change of character on a significant reversal bar after a failed test is likely confirming that the up sloping trading range is a distribution range and we could see the start of the markdown process starting.
I started to look at the signs of weakness in Naspers in December - see post below - but after a good rally in January I thought that I may have read things incorrectly. However, now after an upthrust action and failed test of the highs on lower volume, we have seen a significant reversal bar. The size of the daily bar is larger than any bar for some time. This...
A Bearish engulfing candle formed on JSE:SHP on 17 Feb. This was followed by a cross of the EMA's and the MACD. All of these indicate a change of momentum and we could be seeing a move to the downside. There is a gap that formed in September last year that we ight be looking to fill, failing that, it might find some support at the top of the gap.
Recently we witnessed the price breach a descending trend-line looking similar to an inverse head and shoulders. Target is the resistance approximating 30%. Good luck and follow me for more!
Here we see KAL's descending channel breakout accompanied by an ABC correction. A little late on this one but aiming for the target at the previous high for a 70% estimated appreciation. Good luck and follow me for more!
It looks like there is a change in direction on the cards for JSE:DSY . Although not confirmed yet, it is looking like it's only a matter of time before the MACD and the EMA's confirm the downward move along with the stochastic.
JSE:BID is trading at a very strong resistance that has been held and tested multiple times since 2016. My logic tells me it won't be able to break through and will bounce down again. If it does this and comes down, I will consider a short at the 27700 level. Alternatively, If it breaks through and continues up, we will likely see a nice strong breakout to the upside.
JSE:PPH is currently struggling to break through a resistance level that goes all the way back to December 2017. If it doesn't break through and goes down, I will wait for it to break through the support level of around 1450 before entering short.
JSE:NED is currently breaking through the bottom of a triangle chart pattern. I will wait for confirmation on the close of current candle, but if confirmed, we could be looking at a downward move towards the support area around 10000
JSE:SLM broke the downward trend that it was trading in since July 2020 when it formed higher highs in early November 2020. Since then, it has been consolidating and has found significant support on the 200 Moving Average. I will wait for a breakout of the consolidation zone, and if it breaks through the 6000 level, I will consider a long position.
JSE:SSW is showing signs of downward momentum. The stochastic and MACD has crossed down and the 2 EMA's have crossed. It is also busy breaking through a strong support level at around 5800. If it breaks through convincingly with today's price action, I will consider a short position. Beware of a possible gap close of the gap formed 2 days ago. It may go up and...
After a nice upward move all the way from late November, JSE:EXX is now showing some strong downward momentum and we could possibly look at a short position. The three main momentum indicators we use, the MACD, Stochastic and EMA's are all confirming this momentum.
A bearish engulfing candle has formed on JSE:AMS and we are seeing some nice downward momentum. We could possibly see a small downward move to around the 140000 level of support.
After some consolidation that started in April 2019, there has been a spring, break out of the trading range, backup and now the markup phase. After a pullback, the stock is again being pushed higher to likely new highs.