Cup and Handle formed on Omnia with a tiny little handle.
The type of handle you hold when you go to an Italian coffee shop or the ones you buy at a Nespresso.
You hold it all awkwardly and you act like you're comfortable.
Ye that handle!
The price has broken it's downtrend after months of plummet. And now is showing strong signs of upside.
We have moving...
JSE:OMN is at an area of value. For investors' sake the stock better find the support here otherwise things aren't looking good. Bounce up to R74 seem like an impossible task, that path of least resistance is going down to R51.
Not looking good.
Head and Shoulders formed last year and the pattern is still in tact.
SInce the breakdown there has been a strong range bounded formation which has made this trade very lacklustre to hold.
Now that it's broken below the rectangle shows a more promising move to the original target.
200 >21>7
Target R54.82
ABOUT OMN
Omnia Holdings is a South African chemicals...
Omnia seems to be consolidating in a healthy fashion in the form of a triangle continuation pattern. Good chance in this resolving higher and your stops can be pretty tight on this. Triangle breakout could see it move to approx R95 so not a bad risk reward trade here.
I made an Omnia chart a while back (600%), the shares rights offer messed up the chart. The levels are still there though so I've redone the chart. Again, we could try pick some up a little lower here before continuing.
This sounds and looks crazy? Let's find out! Time will show us. (This may take a while)...
Roadmap to the moon. Sounds crazy?
Watch price action around the R29 area if it reaches there. After that? I'll let you decide. :-)
Not financial advice.
