JSE:APN has reached quite a significant resistance level which could mean a change in direction to the downside. I will keep an eye on this one to see if it breaks through the resistance and continues upwards. If so, I will enter long.
My outlook is bearish, however, and I anticipate that it will fail to break through and turn downwards for a short. As always, I...
JSE:GRT formed a gap between the 1st and 2nd of October that it looks like it might fill soon. Gaps are generally quite tempting to close for traders. The stochastic seems to be turning up, which is also a sign of a possible reversal. Keep an eye on this one for confirmation of a long position.
JSE:ABG is trading around a strong support level where it has struggled at before. The stochastic is confirming by turning up, so I will consider entering a long once it breaks through the fractal level of the 8th.
JSE:WHL has bounced off of the bottom of the channel that it has been trading in for quite a while. We can expect a possible upswing toward the top of channel. Failing that, it might stall around the mid point.
JSE:NPN is looking promising for a possible upward reversal. The stochastic is currently turning up and it is trading at quite a strong support level which it isn't breaking through. I will wait for confirmation to enter.
JSE:EXX has been struggling at a support level since late August. It doesn't seem like it is going to be breaking through any time soon, so I am looking out for confirmation to possibly enter a long position. If it breaks through the fractal of the 27th of September, I will consider entering.
JSE:SAP has been trading in a downward channel for quite a while and has reached the bottom of the channel and seems to be bouncing off. We can expect a short upward move towards the top of the channel. This is also being confirmed by the stochastic.
JSE:ANG has formed a head and shoulders pattern which is a top reversal pattern. It is looking good for a downward move if it breaks through the neckline convincingly. I will wait for this confirmation before entering.
The Resistance level of 255942 has lined up with 2 previous resistance levels as before shown by the red arrows drawn.
I think a break above this level would signal we headed for new highs, if we reach this level and fail to break above i think we might see a retest at the bottom of the upward moving channel.