Main items we see on the chart: a) Price has broken a Wedge formation b) After the break out, the price formed a pennant pattern c) Pennant patterns are considered continuation structures d) If the price breaks down the pennant pattern we will use Fibonacci retracement levels, to define our TP1 and TP2 Based on the previous items, if price breaks down...
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Hi there. Price is forming a continuation pattern to the downside. Wait for the price to complete the pattern and watch strong price action for sell.
JSE:ABG has broken out of the sideways consolidation that it has been trading in. It has also broken through a fractal and is looking good for a long position.
JSE:SHP has broken out and confirmed on a symmetrical triangle pattern. It has also broken above a fractal. This is a good sign for a long position.
JSE:ANG has formed an evening star pattern which is a top reversal signal. I will wait for it to break below the 18th of June's candle. After a preceding up trend, 2nd real body must be above the 1st and 3rd candle bodies. The 3rd candle must close below 50% of the 1st real green body. Colour of the small 2nd real body doesnt matter.
Firmer rand on back on technical breakout.
JSE:OMU has broken through a fractal and is continuing upwards with strong momentum. Along with this, the stochastic and the MACD have both turned up and the EMA's are crossing which are all signals to go long on our trend-following momentum strategy.
JSE:NPN has formed a bearish harami and has broken through an ascending support level. I will enter this short if it breaches the fractal that formed on the candle of the 13th of June.
JSE:NPN has triggered a long position on our trend-following momentum strategy. Be cautious with this one, as it has been going up for quite a while and might be due for a retracement soon.
JSE:MND has formed a bearish engulfing and is looking good for a short position.
JSE:MND has broken through a descending resistance and a fractal which is a good sign for a long move. On top of this, there was recently a bullish engulfing candle which is a further sign of an upward move.
JSE:INP has closed below an ascending support level. I will wait to confirm before entering a short.