CLS supporting the 266-273 breakout level, looking for this bullish action to continue
reward to risk 2:1
*Disclaimer* - ideas shared in the above is for educational purposes only and IS NOT trading or financial advice.
This morning, traded around 1570c HIGHER from publication 2 weeks ago. Looks like some resistance around these levels/slightly higher.
Original idea attached.
JSE:CLS has been on a good run lately and has continued to form new all-time highs up until the previous high on the 22nd of September. At the same time, it has been consolidating sideways mostly since mid August. With today's downwards price action, we have broken out of the bottom of the consolidation area. If this downward momentum continues, I think we could...
MACD bullish crossover suggests to be Buying CLS and to short-sell SHP.
Upside price momentum supports the bullish trend.
RSI leaves enough room for further upside price potential.
A weak indication that a trend might be developing.
Extract from pre-market client note.
Printed a ‘piercing’ candle pattern where the price traded below the prior day low (27110c) then reclaimed and closed above that level (27149c). Tuesday’s low was also in line with the 61.8% Fibonacci retracement level and just above the prior breakout. On Wednesday, the share needs to hold the 27000c level to signal a...
CLS likely to outperform SHP.
MACD confirmed a change in trend direction.
Upside price momentum supports the bullish trend (CLS is likely to outperform SHP).
RSI leaves enough room for further upside price potential.
Will be more relax of the pair is crossing above its 200-day.
Clicks Idea Update: The share has been quite strong over the last week, fluctuating between the current level and a low of around R292. It now trades 1.6% above my suggested entry (29580c). Stop-loss not tested however buyers have been resilient and on this basis, it may be best to cover and close the idea. A disappointing outcome.
Via my research, I've maintained two views on CLS:
1. The medium term ascending triangle is positive and could see higher levels being tested (possibility of 31300c/32200c), however
2. In recent days (the ultra short term), the price appears to be extended well above it's mean, with the technical indicators suggesting the price in overbought territory and, with...
JSE:CLS has broken the all time high that it formed on 17 December last year. It is not showing any real signs for an entry point at the moment, but my prediction would be that it retraces a downwards a bit back to test the previous high and then continues upwards. But let's wait and see what happens.
Two time frame perspectives.
Short Term - Daily Chart - Neutral to Bearish
Trading at overhead swing high resistance, possible dark cloud cover candle formation.
7-day RSI at 80. A 'near overbought' zone
Extended vs it's 50-EMA
Extended vs current pivot
Trading at 63-day (qtrly) and 200-day (yearly) linear regression...
DCP has been one the best performers over the last few months. I initially recommended in July at R17.00, followed by 2 Trading View publications in December 2020 below 2150c (see attached). At current levels, the share trades ~ 3016c, with the 4H and daily RSI at 90 and 95 respectively. If you, like me, feel that DCP has run a bit too hard, you could pair...
Previous bullish divergence acts as confirmation of internal strength that is developing within the share.
Breaking above key resistance.
Upside price momentum supports the bullish trend.
Remains above its 200-day simple moving average.
