Traders don't like gaps in the price and there has been a large gap in JSE:APN since March this year. The price ha finally reached the top of the candle that caused the gap, and if it confirms a break above the spike, I wouldn't be surprised if it goes all the way up and closes the gap. Let's wait and see what happens.
I am scalping if price closes above the indicated level
JSE:AGL has broken through an upward trend line and is looking like a reversal is imminent. The stochastic is also showing a signal for a short position. If confirmed, I will enter a short position.
An ascending triangle has formed on PSG. This is a neutral chart pattern and all depends on which direction the breakout occurs. I will keep an eye on this and when a breakout convincingly occurs I will trade in that direction.
JSE:MNP has reached quite a significant resistance zone and we could possibly see a turnaround for a short position. The stochastic looks like it might be turning too which is a further signal. If it doesnt break thorugh this level and confirms, I will consider a short position.
JSE:REM has been trading in a downward channel for quite some time and has just broken out of the channel in an upward direction. It has also broken through a fractal level and is looking good for a long position.
JSE:OMU has formed a double bottom. If it confirms through the current level, I will consider a small long position.
After Moody's decision on Friday night to downgrade South Africa's credit outlook to negative, there is a keen amount of interest in the direction of the rand and I thought it would be useful to make an observation in this regard. Firstly, it is interesting that the rand has made 3 lower swing high's since tagging the 15.44 horizontal resistance level back in...
JSE:GRT is showing a descending triangle pattern which is a neutral candle pattern. Depending on the breakout, we could be looking at a move in either direction. Keep an eye on this one for when it breaks out.
JSE:GFI has reached a previous resistance level and we could possibly see a reversal at this point if it doesnt b reak through and form a higher high. As always, I will wait for confirmation before jumping in.
JSE:BVT has formed a bearish engulfing candle pattern and is looking good for a short if it breaks the fractal level. Since I alerted a short a week or two ago on BVT it has gone up but is still looking good for a short which is being confirmed by the stochastic.
Capitec Bank share price just reached a resistance level on bigger time frames like the daily, with addition to the weaker Rand after the unemployment news release stats as well we just saw the price breaking and testing below the trendline, the share price may go down to just over a R1000 as stated on the chart analysis but it may bounce long again. Contact me...
JSE:CPI is looking like it might be reversing trend at the moment. It is struggling at resistance level and has formed what looks like a double top. As always, I will wait for confirmation before entering short.
An engulfing candle pattern has formed on JSE:INP . It is looking good for a downward move. Stochastic has also confirmed the momentum.
A bearish engulfing chart pattern formed on JSE:FSR which is often a top reversal signal. The stochastic has also turned downwards which further confirms the signal. I will however wait until it breaks through the fractal level from the 21st of October before entering short, as it isn't the most convincing of engulfing candles as the top of the two candle...
JSE:NED has formed a bearish harami at a strong resistance level which it has failed to breach. It is looking good for a short position with the stochastic confirming. If it breaks through yesterday's low, I will enter a short position.
JSE:SHP has broken out of a symmetrical triangle and if it confirms above the high of yesterday, I will consider entering a long position.
JSE:RMH formed a symmetrical triangle pattern which it broke out of and closed with yesterday's move. Chances are, it will continue to move upwards after the breakout. If it confirms above the fractal level, I will enter long.