Platinum mines still dominating the top 5 overbought list. C has also clearly become the new A+ on the JSE, with two of the greatest success/growth stories, namely Capitec and Clicks, still powering ahead. Cartrack has now joined the “Lekkerrrrrr by die C” party.
Accelerate Property 34
Emira Property 34
Coronation has been on a slippery downward slope since December 2014. The reasons for this have been twofold. Firstly, valuations were extremely stretched (end of 2014), trading at a market capitalization (mkt cap) to Assets Under Management ( AUM ) percentage of close to 7%, while the average international ratio (for global Asset Managers) was trading at around...
MTN has formed a HAMMER candle on support on the WEEKLY. A HAMMER is typically a BULLISH candle when it occurs in a down trend and can signal a trend reversal. If the share price does reverse, the next resistance is around R110.
We may derive the following from the Daily MTN chart:
1. Price was slightly bullish last week, after dropping from our resistance level (purple box).
2. It is probable that price will test the trend resistance line and continue further down to the main support level.
3. Monitor price action and be patient before trading.
4. As always - maintain your risk....
Price ranged from early February this year all the way through to mid-July before breaking higher.
This extended period of accumulation which was followed up several bullish pushes higher suggests 6400 as a target.
We see price currently constrained in channel-type structure that looks likely to lead down to 5560 before the bulls really step in again.
Mr Price looked like continuing the decline (see posts below) but high volume is indicating demand as price approaches 15000. This indicates that there will be sideways action and the decline will be on hold.
South32 is looking at breaking the bottom of the TR range that has been formed. The price action in the TR looks like it has had an upthrust (UT) that caught me when it happened. We have seen a last point of supply (LPS) and now we are looking for a break lower.
Shoprite has hit a TD 9 on the 15minute candles with stochastic in oversold territory.
We might see a retracement to yesterday's highs in early trade, though another consolidation day just above R130 would be good so the TD on a day interval can reset.
Vodacom Trade Idea:
Previously we had flagged 11625c as a buy/long level. The price has since run up strongly and I think it may be time to reverse course as the share trades at resistance, appearing overextended in the short term.
Category: Short Term Active
Short/Sell VOD at current levels 12719
Use a stop-loss of 12950 to protect...