JSE:NPN has formed what could turn into a double bottom pattern. It formed a bottom on the 23rd of August and then again on the 15th of September. If it breaks through the high formed on the 7th of September, the pattern will be confirmed and then I think we could see a move up towards the resistance level at around 300000. A long with the current move, it is...
JSE:NPN is showing good signs of upward momentum based on the stochastic, MACD and EMA's. It is also trading in a downward channel at the moment, so I would think that it has potential to make a quick move up to the top of the channel, but if it breaks through, I think we could see it go all the way to the resistance level at around 320000
- Following the previous post in the link below , price is back at another "key" level
- Down sloping 50 day moving average
- Down Trendline
- Below the 200 day moving average
We could flag here to reset for the next push up or fade back down to earlier support zone. Im still bullish on the long term but am cautiously watching each level of resistance
This chart needs no comment but clearly a great level for investors looking to fill their boots if we can hold onto the longer term TL + 200 week ma. Tencent doesn't often get oversold under 30 - in fact, it has only been this oversold twice since 2005.
Bear move is losing volatility (20 ATR at lows)
Selling momentum is decreased (20 Stoch)
At 200 MA support level
At the bottom of a bull flag pattern
Risk is that bull flag is extended a bit lower than ideal and support being properly tested
Looking at long opportunities on NPN with the market having corrected to retest the breakout from the previous monthly high. Market is poised to move higher to break previous monthly highs.
Prosus NV and Tencent Holdings Ltd. are investing in European online-trading group BUX, giving the internet giants a greater foothold in the fast-growing sector.
The poster child of the South African stock market over the last several years has undoubtedly been Naspers, with its largest holding in Tencent.
I’ve tried to come to grips with the company and its individual parts which will take a bit more time, however, several things become apparent in the information at hand.
Naspers has been able to grow its revenue at a...
JSE:NPN has broken out of the bottom of a triangle pattern, moving in a downward direction. Along with this, it has been trading within a parallel channel since mid-July and it has bounced off the top of the channel which could serve as confirmation for a short position. If it continues with this downward momentum, I will enter short with a target at the bottom...
Following the Elliott wave retrograde analysis, we see a significant head and shoulders with a high bearish momentum; the defining price range for the next rally is entirely based around the 0.618 Fibonacci retracement levels.
Good luck and follow me for more!
With uncertainly about WeChat being banned in the US as well as the TikTok situation, Huawei etc and other Chinese companies' status on US stock exchanges uncertain, could temporally affect Naspers, as can be seen in the multiple tops and gaps created lately.
When and if it breaks the diagonal trendline, there are 2 support zones below. Could be a volitile move...
JSE:NPN is currently forming a small head and shoulders pattern on the 1D chart. If it continues downwards and confirms the break through the necklinr, we could be looking at a target around the 224000 level.
JSE:NPN has been trending upward since mid-March and with today's opening, it finally broke below the trendline that has formed. Although unconfirmed as of yet, this could mean a move to the downside. I'll be keeping an eye on what happens here next week for a possible short position.
JSE:PRX formed a bearish harami on Thursday last week which is a top reversal signal.
This was confirmed by the break through the upward trendline and the stochastic.
This could mean a move downward for a while if confirmed by breaking below the low of last Wednesday.