JSE:RDF has broken through an ascending support level and confirmed by opening and closing the next candle below it. It is looking good for a short position but I would wait for confirmation from the breakout of the fractal from 8 Jul before entering.
Redefine has broken below the trading range (TR) and there has been some effort to push back into the TR which has failed. With some high volume on the retest, I am now expecting the markdown to start.
JSE:RDF has formed a dak cloud cover which is a top reversal signal, so we can anticipate a downward move. Bear in mind that there is also a tempting gap to fill above the current price, so if it goes up, I will enter long at the fractal from 3 June.
Redefine has been trading in a range of between R10.64 and R9.35 since Q3 2018. It briefly broke out of the range yesterday and reached an intra-day low of R9.25 which now could act as a short-term support level. The 50-day MA @ R9.96 will be a resistance level. The SARB repo rate announcement on Thursday afternoon + Moody’s credit rating decision Friday could...
I have entered a long position on JSE:RDF as it had formed a bullish harami on Friday which often signifies a reversal. It traded higher this morning and triggered my order.
Aiming for the significant resistance zone around the 1050 area.
