Inv Cup and Handle formed on S32 and the price broke below.
Not the momentum is picking up and things aren't looking good for it.
We have other indicators...
200>21>7
RSI<50
Target 1 will be at R37.31. But I'll update as we go.
ABOUT THE COMPANY
South32 is a global mining and metals company.
South32 was founded in 2015.
The company was initially a part...
Symmetrical Triangle has formed on South 32.
But we need to WAIT for the price to break up and out of the apex.
That will fulfil the Continuation pattern of the triangle.
Also you can see why we have to wait is because of the other indicators.
Mixed MAs
RSI - Middle
Target R58.34
WAIT FOR BREAK
ABOUT THE COMPANY
South32 is a global mining and metals...
South32 is looking at breaking the bottom of the TR range that has been formed. The price action in the TR looks like it has had an upthrust (UT) that caught me when it happened. We have seen a last point of supply (LPS) and now we are looking for a break lower.
A little like Kumba S32 is looking week in a strong sector. The relative strength to the resources sector is rolling over. I previously looked at the structure as accumulation but this seems to have been an upthrust (UT) that met with supply (Increased volume on UT). The volatility to the downside has increased from 19 to 28 to 34%. The upward stride has been...
After the breakout in September South32 had pulled back to the breakout level (see previous post in the link below). This retest can be used to provide a tight stop and a good RR ratio as the stock continues to the overbought trend line.
