As a proxy for global equity markets, life assurance company Sanlam (SLM) has managed to hold onto share price gains despite the lackluster local economic outlook as well as the subdued global macroeconomic backdrop. Despite China also having released 'fair' economic data, global equities across the board on Thursday trade slightly lower while the US...
Improvement today on MSM projected figures.
MSM broke resistance today of R84.21 - Still in the bear band here. (May be new support)
Breaking resistance at R93.10 moves it back in Bulls band - may be a strong resistance
Next resistance after that is at R98.00 and R116.00
Lets see if today's slightly better news can get MSM going again
The share price for British American Tobacco (BTI) has been moving in a descending channel on the daily timframe, as evidenced by lower highs and lower lows. The price has just broke out of a corrective ascending channel (counter trend) on the 4-hour timeframe and came back to retest the previous-support-turned-resistance at the price level of 57730. I expect...
JSE:BID has been trading in a channel for a while and is at the strong resistance at the top of the channel. I am anticipating a downward move back to the bottom of the channel as it seems to have struggled at the resistance level before.
If the downward move doesn't happen and it breaks through the top of the channel, I will consider a long position.
A Morning Star pattern has formed on JSE:GFI which is a bottom reversal signal. This coupled with a bounce of the bottom support strengthens the signal.
A Morning Star is found after a preceding down trend where the 2nd candles body must be below the 1st and 3rd candles body. The 3rd candle must close above 50% of the 1st red body.
I will enter this trade long...
This could be seen as either a channel or an inverted head and shoulders. The inverted head and shoulders neckline is 6140. If that is breached targets 6550 and 6839 comes into play. That is roughly 10% upside potential. If this is considered a channel break the target would be higher. My approach here will be the less risky option.
Resistance for IPL at R64.50 - Seems that it may go through it totday.
Breaking through R64.50 the next STRONG Resistance is at R74.00
Bulls Breakout above R74.00 and a possible R99.00 target in long term.
Market reacts good at results published.
Yesteraday broke lower but today back above and as old saying goes from false moves come fast moves.
Big channel has been tested.
Don't get surprised if we get another short squeeze here.