Inv Cup and Handle has formed on Netcare since November 2023.
It is a high probability nature that the price is likely to drop as the price is below both 20MA and 200MA.
First target is to R10.36.
NOTE: I do acknowledge that there could be a short term W Formation which could cause some chop and even short term upside.
So this is indeed a medium term analysis.
Netcare has been in its downtrend since May 2023...
It shortly dropped from R16.00 down to R13.68.
And then, the price has been meandering in a downtrend below the 200MA since...
As long as it stays in the Vuvuzela Formation, it will continue to go down.
We need a strong breakout and for the price to close above the resistance of the pattern, before we put...
Broadening Formation has formed on Netcare which I like to call a Vuvuzela formation.
Range bounded means the indicators are Null and Void.
We need to wait for a break above or below the broadening formation - before a trend is chosen and bias.
R15.67 to the first up target before it turns down
Netcare showing a bull market as it broke above the medium term downtrend since August - September... It's now testing the support (which was the resistance) and is forming a potential Cup and Handle which is setting its next target to R15.16.
A descending triangle exists on Netcare.
Within this triangle we have a head & shoulders pattern.
Breakdown of these two patterns could result in prices between R9 - R11. I believe this will be a fall and immediate correction to retest the bottom of the descending triangle, so perhaps there is a short term trade in Netcare, for those with the necessary apitite.
Not Financial Advice - Open to feedback good or bad
Netcare - NTC
Really sorry for the Ugly looking chart.
Current Price R15.50
We can see clear bull div on the weekly. Price seems to holding above the monthly support (Blue line). Wont mind taking a spot position with a stop loss below R13.50.
TP1 - R18.25 *
TP 2 - R20.00 *
Stop loss R13.50
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JSE:NTC
WHO IS NETCARE?
Netcare Ltd. is an investment holding company which operates through a number of subsidiaries in the health care and health services industry in South Africa. The company has over 25 000 employees and holds the highest market share in regards to private health care in South Africa.
THE SITUATION
The public health care system in South...
Considering Netcare's price action holds up today and closes above the neckline level at 18.65, we are witnessing the completion of an inverse or reverse Head & Shoulders formation. Results released yesterday have been received well by the market, which should ease investors concerns for the time being.
These patterns are reversal patterns that form at the end of...
This chart looks like an emergency that requires an urgent intervention! Perhaps the major volume seen today could be an indication of capitulation and i will be monitoring the price action in the days ahead to see if it is able to recover from these over extended levels. Should this level hold which is also coincidentally the bottom of the downward sloping...
