Old Mutual has been trading in this range for more than a month now. The HOURLY stochastic is heading south and nearly in an oversold position. Will the price bounce from here or will it go to test the bottom of the range?
After a sharp drop, Old Mutual has been undergoing redistribution. We have now seen all the Wyckoff Phases and a backup (BU) after the breakout to the trading range (TR). So base on the Wyckoff theory the markdown in Phase E is set to start. Watch for a strong downward trend. I had previously analysed this as an accumulation range (see posts below) because it...
Old Mutual is looking good, the RSI is pointing upwards and the price is heading up from SUPPORT towards its first DAILY horizontal resistance at around R19.00 after that weekly resistance comes in around R21.00
Old Mutual: The group's share have been battered recently declining from 2200c to a low of 1728c. Now I don't know if it's the legal proceedings between the board and CEO that has caused the drop or if it's just the weakness in equity markets. Technically, the price appears to be finding a bottom having regained the 1753c zone. At current levels, it may be worth...
Old Mutual has been in a TR after a big drop in October 2018. We had a spring on high volume and now a test on lower volume indicating that supply has dried up. Looking for the markup in phase D to the top of the TR range. After a consolidation at the top of the TR, I will be watching for a breakout and phase E to start.
JSE:OMU has broken through a fractal and is continuing upwards with strong momentum.
Along with this, the stochastic and the MACD have both turned up and the EMA's are crossing which are all signals to go long on our trend-following momentum strategy.