Share down more than -9% on earnings disappointment.
Technically there is a gap opened, up to 172, that may get filled in the short term. RSI is also approaching oversold territory, meaning an oversold bounce may be reasonably expected.
But overall I'm being guided that 'bear flag' formation that may target 130 next!
I'm also a firm believer that "Nothing good...
We give a quick recap of markets overnight and the previous day and insights into the day ahead with a few trade ideas on the day. Ideas are strictly NOT INVESTMENT ADVICE.
We give a quick recap of markets overnight and the previous day and insights into the day ahead with a few trade ideas on the day. Ideas are strictly NOT INVESTMENT ADVICE.
We give a quick recap of markets overnight and the previous day and insights into the day ahead with a few trade ideas on the day. Ideas are strictly NOT INVESTMENT ADVICE.
Looking for an hourly and daily close below 22400 to enter a short.
Profit taking area for now will be the gap close at around 20400 and possibly the round figure of 20000.
There are two more unclosed gaps way lower at 14740 and one at 10900.
Lets see..
CFR has broken down below R219.00 support and closed below it for 2 days now, a similar fractal from last year june- august has come into play
and can see CFR trade lower over the next few weeks to reach target of R195.00.
Reward to risk : 1.5 : 1
*Disclaimer* - ideas shared in the above is for educational purposes only and IS NOT trading or financial advice.
JSE:CFR earnings were released this morning and the results were quite impressive. It gapped up around R10 per share this morning. If it breaks the previous highs formed in early December 2021, I think we can see a nice upward move to form some new highs.
Below are the highlights of the earnings report:
Compared to the third quarter ended 31 December 2020:
*...
A double top pattern has formed on JSE:CFR and it looks like it might be continuing downward. If it breaks through the low formed on 20 December 2021, the pattern will be confirmed and I think we could see a move downwards towards the 19000 support level. If it fails to break through the level, we could also see a bounce upwards.
We give a quick recap of markets overnight and the previous day and insights into the day ahead with a few trade ideas on the day. Ideas are strictly NOT INVESTMENT ADVICE.
We give a quick recap of markets overnight and the previous day and insights into the day ahead with a few trade ideas on the day. Ideas are strictly NOT INVESTMENT ADVICE.
We give a quick recap of markets overnight and the previous day and insights into the day ahead with a few trade ideas on the day. Ideas are strictly NOT INVESTMENT ADVICE.
After very good results and a massive run CFR formed a bearish engulfing candle. Also hitting R3 monthly pivot. Maybe a start of some kind of pullback.
