Uptrend dating back to 2016 break on the weekly chart.
Support at 5850, and if that does not hold, then next support around 5200.
The last time this uptrend was broken was during COVID.
Ominous looking chart
The JSE:STXIND is on the verge of printing a new all-time high. The ETF itself can be bought, one can also consider looking at the ETF holdings to check if the holdings are also at or moving towards buy zones.
Tree in the forest approach.
This channel is holding up pretty well with the top and the bottom of the channel being tested multiple times.
Best case scenario is support holds up once again and and we test the top of the channel
Worst case is this ends up being a bear flag, support breaks to the downside and we test support levels lower down (blue lines)
If you go long, impliment a stop...
Satrix resource ETF is currently trading in a channel, but after a rejection at the SMMA 40 this could end up becoming a bear flag channel.
Watch out for a possible break of this channel.
Target area if this flag breaks is 5123-4736
Watching. No position.
After breaking out of the downward sloping channel we are now testing this channel line again.
Adding some as I think/hope this line will act as support
Target if this support line holds is R67,50.
Small position. Be nimble
STXRES reached the top of what looks like a descending channel. Some resistance is expected. Will the bottom of the channel be tested again or could we see a break of the upper channel resistance line ? Neutral right now.
The fund invests in the 15 largest financial companies listed on the JSE, ranked by investable market cap.
Head and shoulders formed with the right should on top op the 200 day moving average support line
A break of this support could see a price target of 1239. A long way down.
JSE:ABG is at an area of value. It can go either way, if there are banks buyers, JSE:ABG might move up. Otherwise, if the sellers are strong they can push the price lower. No position at the moment, and JSE:STXFIN doesn't look healthy.
The above chart is a perfect display of the concept of 'change in polarity'. This principle asserts that once breached, a support level becomes a resistance level.
You'll notice how this level of +- R72.30 was a major support level in 2018 that held on multiple occasions. Eventually we got the break through in Sept 2018 and the bulls caved in completely, seeing...
