Keep your eye on CPI.
- Price at prior breakdown level (May 2019).
- Price breaching incline support.
- RSI strong but in signaling a bearish divergence.
- Yesterday may have been a blow-off candle.
Caution to the fresh longs.
Crossing above its 13- and 21-day simple moving averages. First bullish crossing in the last 44 days!
Bullish ParSAR crossing. First signal in the last 6 days.
Crossing above its 8-day linear regression line. First crossing in the last 28 days!
RSI on weekly chart is at a reading of 22. Oversold.
RSI on monthly chart is at a reading of 39. Moderate oversold.
RSI...
Having missed the 'short' opportunity on the break of that H&S neckline, CPI seem to be consolidating for a further move lower.
I'm patiently waiting for a break of that consolidation range to pull my short gun!
JSE:CPI is trading around a support level formed in December 2017. I am anticipating an upswing and will look to enter long if confirmed.
The stochastic is looking like it is confirming the signal.
Looking at the current correction to complete as follows. First leg was 3 waves, expecting another 3 waves up to previous highs with another 3 down back to current levels to make a flat correction for more upside.
Got a bit carried away with this one.
JSE:CPI has bounced off of quite a significant support level and is looking like it could be on its way up if it convincingly takes out the fractal from the 19th
We may derive the following from the Weekly CPI chart:
1. Price broke a sharp uptrend.
2. We are still in an OVERALL uptrend. BUT price may be setting up for a move down. I think a bearish setup is likely.
3. It is still early to make a decision and so patience is needed to see if we form a potential sell or buy pattern.
4. As always - maintain your risk....
JSE:CPI formed a piercing line pattern with Friday's close which is a bottom reversal signal.
After a preceding downtrend, the green candle opens below the previous day's close and above the middle point of the red real body. It is a bottom reversal signal, but the candles MUST be different colours.
Capitec Bank Holdings Limited is a South Africa-based bank controlling company. The Company is engaged in retail banking within the South African economic environment segment. The Company's retail banking business sells a retail bank product, Global One, which enables clients to transact, save and borrow. Its business services include card machines, workplace banking, salary transfers and financial skills. It also provides money management solutions. The Company holds interests in its principal subsidiary, Capitec Bank Limited (Capitec Bank). Capitec Bank is a South African retail bank, which focuses on banking services and provides savings, transacting and unsecured lending products to individuals. The Company's Global One card is linked to respective customer's transaction/savings account and gives them various ways to access their money and transact across the world. The Global One card can be used in card machines, online shopping and telephone/mail orders.
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CPI
