Watching JSENTC when it dropped below channel, punt to buy at deemed lowest point paid off. Subsequent Buy entry points indicated, now waiting for 200DMA push through up to next target 15.00.
JSE:NTC has been on a downtrend since march 2015 after reaching a high of 4438
Trade Idea: Short term- Long if price breaks above 1380
Long Term - Short if price breaks below 1700 with Target of 700.
Grammaphone formation risky, however it is within a downward channel. I can see upside to the 200 day MA. It is a long term punt, there profits have dropped due to low occupation rate of beds. COVID ALSO WILL PASS. Mediclinic in pretty much the same boat, the difference being that NTC are now going to start focusing on day clinics.
Like other Healthcare shares in South Africa we see Netcare reaching close to 2020 lows.
On the higher TF global trend we see a falling wedge as well.
However at 1215 there is a strong resistance.
So I have gone long here targeting the falling resistance line in bold. From there we can reassess.
Note that we need patience into 2021 for this to play out.
Thoughts?
Both the weekly and monthly RSI indicate upward pressure and the MACD is supporting it. Possible pullback after it hits R14,50 as the daily RSI is close to top which could result in sideways movement; but this could be a long term growth share from these levels.
A descending triangle exists on Netcare.
Within this triangle we have a head & shoulders pattern.
Breakdown of these two patterns could result in prices between R9 - R11. I believe this will be a fall and immediate correction to retest the bottom of the descending triangle, so perhaps there is a short term trade in Netcare, for those with the necessary apitite.
Netcare has been consolidating between 1300 and 1526 for a while now. Lately it has moved up from the 1300 level and is set to test the upper channel resistance line soon. Watch for a break of that line @1526. A break would indicate a possible target of 1715. Wait for the break.
Netcare yet again failing to hold on to short term support and in fact, failing to hold onto any level really. Their results are late, which can't be good but I can't see how lock-down can be positive for them. I WILL short a bounce above 15.00. And I WILL bank it at 13.10. robp@unum.co.za. The chart is pretty much self explanatory
Not Financial Advice - Open to feedback good or bad
Netcare - NTC
Really sorry for the Ugly looking chart.
Current Price R15.50
We can see clear bull div on the weekly. Price seems to holding above the monthly support (Blue line). Wont mind taking a spot position with a stop loss below R13.50.
TP1 - R18.25 *
TP 2 - R20.00 *
Stop loss R13.50
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