USDZAR ShortSell USDZAR. spot ref 14.6773
Stop 14.8070
Take Profit 13.83
The trade is longer-term but risk reward is good.
Please be patient and disciplined. Best of luck.
ZAR
Nedbank - Harami at ResistanceJSE: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.
SHP breakoutJSE:SHP has broken out of a symmetrical triangle and if it confirms above the high of yesterday, I will consider entering a long position.
RMH triangle breakoutJSE: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.
SANLAM at strong resistanceJSE:SLM has reached quite a strong resistance zone at around the 8200 level. It seems to be struggling to break through which is also being confirmed by the stochastic.
I will enter short if it is confirmed.
MRP "buy-box" and fractal breakout.JSE:MRP has been consolidating in a sideways trend or "buy-box" since late last month. With today's price movement so far, it has broken out of the box as well as a fractal level from the 17th of October.
If it closes above and confirms after today, I will look at entering a long position.
Descending Triangle on MultichoiceJSE:MCG has formed a descending triangle candle pattern. The candles are wedging into the corner of the triangle and will be breaking out soon. If it breaks out the bottom, this will confirm the signal for a short position.
Bearish flag signals sell opportunityThe pair price has broken the bearish flag with a continued downward tendency. We expect the price to resume its fall as low as 14.70 as long as it persists below the 61.8 Fibonacci.
Bidvest struggling at resistanceJSE:BVT is struggling at a strong resistance level and based on the stochastic's confirmation, we could be seeing a reversal. Wait for confirmation on today's price action before entering short.
APN possible turning pointJSE: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 will wait for confirmation before entering either way.
Double BottomJSE:RDF has formed a double bottom support level and it could mean a slight move upwards.
EUR ZAR Possible play still intactAs per my previous idea on the Zar Euro chart, the pattern has not been invalidated as yet but wave 4 did go higher than expected.
I do however see a breakdown from here and complete the final leg down
ZARJPY counter trend tradeWeekly pullback traded in the 4 hour chart against the long term downtrend
ABSA bouncing off supportJSE: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.
Harami on BIDJSE:BID formed a bearish harami pattern with yesterday's movement. This could mean a downward move. I will wait for confirmation, as the upward momentum has been quite strong lately.
Flag/Pennant breakout on OMUJSE:OMU has formed a flag shape which is a bullish pattern and it has broken out and will most likely continue upwards. I will, however, wait for further confirmation before jumping in.
WHL upward channel still intactJSE: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.
ASPEN upswingA bullish engulfing candle pattern formed on JSE:APN friday at a support level. This could mean an upswing is imminent. The stochastic has also recently made an upswing.
MTN Bounce off strong supportJSE:MTN has failed to break through a strong support level and seems to be bouncing for an upward move. The stochastic is also in oversold territory which further signals a possible reversal.
Gap to fill on GRTJSE: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.
NASPERS looking like a possible reversalJSE: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.
