JSE:CLS formed a bearish engulfing pattern which seems to be playing out. We will wait for a close below the low of the engulfing candle before entering a short position.
JSE:SPP is trading in a descending channel and has just bounced off of the top resistance level. We can expect a downward move towards the bottom of the channel or around 17780.
JSE:SAP has currently broken through a previous support level as well as a fractal level. If this is confirmed by a close above this level, we can possibly be looking at an upward move.
JSE:CPI has bounced off of quite a significant support level and is looking like it could be on its way up if it convincingly takes out the fractal from the 19th
A Head and Shoulders chart pattern is forming on JSE:MNP and if it confirms by breaking through the neckline, we could see a nice move downwards.
Consider this as a guide to develop your own setup. Main Items we see on the Daily Chart: -Price has broken a major ascending trendline -Currently, the price is against a support zone -The downside potential from the current support to the next one is -2.5% -We consider that area as a good zone to open short trades Trade Idea -If the support is broken, you can...
JSE:RNI is currently trading in the middle of a sideways channel. If it breaks through the last fractal, we could possibly see a move towards the top of the channel.
JSE:LHC is looking good to break through the fractal from 11 July. If it confirms above this, it could make a move to the resistance level at around 2800.
JSE:BVT seems to be heading for a break through the high from the 16th of July. If it breaks through this high we could be looking at a move up towards the resistance level at 21000.
JSE:ABG has broken through a descending resistance and has confirmed the break with yesterday's action. If it breaks through the fractal from the 12th of July's candle, it could mean an upward move.
JSE:VOD is looking good for a long position if it breaks through and confirms on the fractal.
JSE:SLM has broken through a descending resistance with an engulfing candle. Opportunity for a long if it confirms by breaking through fractal level.
JSE:SBK is showing a hammer followed by a bullish engulfing. If it breaks through the fractal level from the 11th of July, a long position could be on the cards.
JSE:MND is showing a bullish engulfing at support. This is confirmed by the breakout and close above the descending resistance. Looking good for a long if it confirms above Monday's high.
JSE:FSR broke through a descending resistance and could possibly be ready for a long position. Once it closes and confirms above the breakout candle, you can consider a long.
JSE:DSY formed a bullish engulfing pattern at a support level, but is yet to confirm. If it breaks and closes above the level of the engulfing candle, it could possibly go long.
USDZAR is currently forming a larger correction that I initially anticipated. This means that the correction that I had looked at before as being a 3 wave correction, was actually only wave 1 of the larger correction. Looking at the current setup, I expect price to break the low of wave one, market with the red line, before there is a reversal to the upside. I...