the weekly chart for this market shows the downtrend in the next week. but to be sure of the successful seller entry it is better to wait for the break in level 0.056114
also we must be vigilant of the change in the direction of the market
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South Africa is one Emerging Market economy poised for success given the recent dollar weakness. Today's retail sales data, +2.6% YoY vs 0.4% last month proves sequential acceleration in the macro data. Moreover, the noise around Eskom and SAA has been going on for years now and is merely noise. The only cause for concern would be a further downgrading of the...
Double bottom formation at key level in the market. Note the strong wick rejection (doji) around the key demand zone, as circled. Price will pull back some and it will take some time for this idea to come to fruition IF it does. I put my stop loss beneath the double bottom for a low risk to reward trade set up. Please see linked idea below to follow from start....
Support channel holds with better budgetary news coming out of South Africa for at least until the end of March. Price should rally to top of channel: potential swing trade. RSI swinging to the upside indicating bullish uptrend.
Bad news in South Africa (power utility troubles caused the price to rally extremely high). The situation is somewhat normalized as of now but insolvency issues for the power utility company still persist.
RSI shows super overbought so expect a drop sometime soon after slightly more uptrend and perhaps sideways.
A dark cloud cover has formed on JSE:SBK which is a top reversal signal, so we can expect a downwards move.
A dark cloud cover follows a preceding up trend where a red candle opens up above the previous day's green candle and closes 50% below it's body.
This particular pattern has formed on quite a strong resistance level which solidifies the signal.
We have entered a long position on JSE:ABG because of a bullish ngulfing pattern tht has formed.
Although there is not much history on this instrument, it is also at a support level which solidifies the signal.
"On Wednesday the share tested and rebounded off the prior swing lows between 102 and 103.50. This appears to be a range-trading opportunity, with the upside target being the prior highs of 119. " Lester Davids, Trading Desk analyst, Unum Capital.
Keep an eye on USDZAR as this will continue to impact South African retailers.