FSR is at quite a significant support level and as things stand, it could bounce off the support level and continue upwards or break through and head downwards. Either way, we should still wait for a confirmation candle before jumping in.
JSE:AGL has broken through a quite significant support level and confirmed it with an open and close below. We could continue downward with the current momentum.
JSE:AGL has broken through a quite significant support level and confirmed it with an open and close below. We could continue downward with the current momentum.
Firstly USD/ZAR weekly downfall (yellow lines) started in 03/09/18 is still continuing and it may continue until May 2020. It's also supported by RSI and Parabolic SAR indicators. Support line of this trend is 13,82. You can see the chart attached below; On the other hand when you zoom in to daily chart; Steep downtrend in green line has been broken both on...
JSE:APN seems to be forming a triple bottom at the bottom of a parallel channel. If it fails to make new lows, we could possibly see a long movement up towards the top of the channel.
JSE:NPN has broken out of an ascending triangle and looks good for a small upward move.
JSE:NPN has broken through an ascending support level with a bearish engulfing candle. Looks like a downward move will happen if it is confirmed by today's price action.
JSE:MTN is currently at quite a strong resistance level and the expectation is that it will find resistance again. If it bounces off the resistance level, we will look to enter a short once it breaks through the fractal of 26th of July. If it breaks through the resistance, we could possibly be looking at a potential long position.
JSE:MEI is showing a bearish engulfing at an established resistance level. If it confirms by going lower than yesterday's candle I will consider a short.
JSE:MRP is heading towards the bottom of a channel that it has been trading in. If it breaks through the bottom, I will consider a short position. Conversely, if it decides to bounce off the bottom of the channel, I will wait until it breaks above the high of today before potentially entering a long position heading towards the top of the channel.
JSE:INL has been trading in a parallel consolidation channel since December but it seems to be breaking out with today's price action. If it confirms with tomorrow's price action, it could be setting up for a short position towards the support zone around the 7700 level.
JSE:RDF has broken through an ascending support level and confirmed by opening and closing the next candle below it. It is looking good for a short position but I would wait for confirmation from the breakout of the fractal from 8 Jul before entering.
After trading in a range for quite some time, JSE:BVT has broken through the strong support at 19000. A confirmation below the fractal level of 3rd of July could signal a nice downward move.
JSE:TRU has broken through and is busy confirming a downward move with today's price action. We could be looking at a nice downward move it continues downward today.
JSE:OMU has broken downwards through an ascending support line. This is confirmed by the crossing of the EMA's as well as the downward direction of the Stochastic and the MACD.
JSE:ANG broke out of an ascending triangle pattern a few days ago and came down to test the top of the triangle as support. If it breaks the fractal of the 19th, it could make a nice move upwards.
JSE:TFG is currently bouncing o a support level and looks like it might break out through the top of a triangle pattern. If it breaks through the fractal of 19 July, I will consider a long position. Failing that - a downward breakout might very well mean a downward move towards the 16000 level.