M Formation formed on Renergen. The price came down and hit the target at R9.33... Now we had a bfreakway gap with testing at the low, which shot right back up. This is showing there is more buying volume coming in. However, we aren't seeing any strong bullish signs yet. I think the price needs to consolidate and form a higher low, then we will have some form...
CML Coronation Fund looks to be showing signs of support despite all the bad news and SARS issues. While this is very early days, and the likelihood of the court case appeal win is small, should they succeed, expect the shares to POP. Will have to wait and see. Post your thoughts and further analysis. Regards Graham.
See link below for previous analysis. It been 9 months since I last covered Jubilee and the stock has invalidated the five wave impulse outlook by breaking below 128. For an impulse, wave (4) cannot terminate within the price territory of wave (1) and ideally should not even retrace back into it. This leaves me with an alternative view that the bigger pattern...
See link below for previous analysis. Barloworld stock recently made a break below 7984 which was a critical level to maintain the bullish view. A break below this level has prompted an update of the wave structure and I now identify the sideways movement from 2023.01 as a contracting triangle for wave ((iv)). The stock is now in the fifth and final wave of the...
The stock has been hammered from the recent earnings release and the picture continues to look bleak on the chart. Short term resistance is at R27.50 ... only a daily close above might give bulls some relief to attempt first gap close at R29.55 Below Supports are at R25.00 and R23.60 Staying away from longs until picture becomes clearer. DM me for any...
Woolworths has reversed off its bottom channel of relative strength vs. Truworths. RSI and MACD relatively depressed and should start to turn up. With the current state of the economy I believe Woollies should be better placed to withstand the economic storm than Truworths which is predominantly more of a 'luxury' clothing retailer. I think Woolies Food component...
Discovery has a bullish flag going into earnings, it has also confirmed 8 September as a cycle low. We can expect swift move upwards as price chases a weekly cycle high. The support of the 200 day moving average adds to the weight of evidence that price wants higher. Con: The horizontal pink line is the fail point which is now R141.90, anything below this signals...
A price action above 23600 supports a bullish trend direction. Increase long exposure for a break above 24600, that is also the 23.6% Fibonacci retracement level. The target price is set at 25400. The stop-loss is set at 23200. Remains above its 200-day simple moving average. A base forming pattern might be applicable, supporting upside price momentum.
A price action above 10300 supports a bullish trend direction. Increase long exposure for a break above 10500, which is also the 23.6% Fibonacci retracement level. The target price is set at 10900, just above its 38.2% Fibonacci retracement level. The stop-loss is set at 9800. The trade idea is regarded as a counter-trend strategy. Adjust risk accordingly.
A price action below 15500 suports a bearish trend direction. Increase short exposure for a break below 14900. The target price is set at 13500. The stop-loss price is set at 16600. Remains below its 200-day simple moving average as well as its 23.6% Fibonacci retracement level. Remains a risky trade.
Since December 2022 Sanlam has been in a steady upward movement. The MACD is making a bullish crossover and the share is +-12% higher than the 200-day SMA, confirms the direction for long. Direction: Buy Target: R70.96 Stop loss: R62.71 Risk/Reward: 1.5 Traders/Investors should always make their own analysis, the idea posted is just a guideline. Risk management...
Price has been in a descending channel and the 200-day SMA has been acting as a dynamic support and resistance level. Direction: Sell Target: R15.34 Stop loss: R17.66 Risk/Reward: 2 Traders/Investors should always make their own analysis, the idea posted is just a guideline. Risk management is always your number one priority.
The chart doesn't need much explaining. The stock is trying to reverse off the bottom of the 1-year channel while forming some divergence on the RSI. A move above todays high should hopefully see this gain some momentum, with a short term move to R119 possible. Larger target would be for this to trade back to the top of its channel over the last year at R144....
Looking to short Truworths between R71.50 and R73.15. Stop loss as a close above R75.50. Target R64.00 - R66.00 Broken uptrend Under Daily Pivot Short Term 20 ma turned down Lower highs on price
Ratings upgrade tomorrow and stock off to the races. Break and close above resistance at R117.00 should see this move to target between R132.50-R136.00. Stop on a close below R117
Constructive engulfing candle over prior 6 days closes on Woolies today. Old resistance R64.60 acting as support. Still enclosed in a channel which needs a break to the upside. 61.8 fib from May to Aug swing low and high has also held. A break out this channel and a close above the 200dma at approx R68.50 will really give the bulls something to really get excited...
First Rand made a lovely pin bar reversal off support on Monday and subsequently followed through today. I like this one as a long here with a stop below R60.00 and a target back to the 50% fib of recent high and low which also coincides with its yearly pivot point (=- R67.00). Also note bullish divergence where RSI is making higher lows even though price made...
Bearish triple-top chart pattern on Prosus could target 450 next. Price currently attempting a retest before a further (potential) move down.