💡 A sudden bullish bias is applicable above 50173.
Pivot point (trend change) at 50173 and hence is a bullish bias applicable.
Upside target (most likely): 51610.
Downside target (least likely): 48735.
I initially predicted a 17% decline on JSE TOP40, the move is well in motion. See link below
South Africa has had one of the worse lockdowns in response to covid19 and it resulted in a reported decline of 51% in GDP. The unemployment numbers and number of business bankrupted are not yet publicly...
The index has continued to trend lower, with a 4-day decline following the rejection at the aforementioned downward trending overhead resistance. On Thursday, the 8/21-EMA was breached with a large bearish igniting candle. Considering Friday's US close, the 50224 level is vulnerable to being breached which opens up 49686 as a target. If we do see a rebound at the...
On Tuesday we saw the index test our distribution zone and sell off following a long upper wick that developed at the downward trend line resistance. Today the index continues to sell off with the price breaking the 8/21/50-EMAs with a large (igniting) red candle. From an ultra short term tactical perspective, the 50250 zone may not hold, however we want to...
Alsi is consolidating after the V- Shape recovery. A potential head and shoulders formation is building that could see the index drop by another 3-4%. Keeping an eye on the neckline for a test and break.
Tradingview has now added candle stick patterns. Very nice feature that points out things like engulfing candles (BE) , doji's (D), hammer candles (H)etc. ALSI is currently in a very precarious spot. It has broken through a long term resistance line, but is showing some bearish signals above this break. Not a very convincing break. Wait and see approach for me.