Sanlam managed to break its own upward trend back in March and has now made three attempts to resume it. Significant patterns here as the much larger head and shoulders seems to have failed but there is another smaller head and shoulders forming just below that previous trend line. Does that mead the larger pattern is back in play? I certainly think so. If current...
As a proxy for global equity markets, life assurance company Sanlam (SLM) has managed to hold onto share price gains despite the lackluster local economic outlook as well as the subdued global macroeconomic backdrop. Despite China also having released 'fair' economic data, global equities across the board on Thursday trade slightly lower while the US...
JSE:SLM is in a short term downward trend at the moment and has retraced perfectly to the 61.8 Fib level.
It has started to turn down again and could be heading for the 161.8 level which happens to be a major support level from the past
Sanlam lacked momentum above 8100 level and are now trading back in what looks like a channel. In that channel it is building a bear flag that if broken could challenge the bottom of that channel. A lot of if's, but's and maybe's here.
Sanlam has formed a trading range (TR) with a selling climax (SC), automatic rally (AR) and secondary test (ST) of the SC. After this, the stock has moved into Phase B and upthrust (UT) testing the top of the TR. With contracting volume, a drop to test the SC in phase B can be expected. This could see a decline to test R70 or R65 before continuing the TR.
Sanlam setting up for a breather after the strong distribution zone at R 84 – R 86 (trade resistance) holds.
Of the view the stock will take a breather and consolidate around the trend support located at around the R 73.00 / R 75.00 levels.
The Sanlam Group is one of the largest established financial services groups in South Africa. Established in 1918, the group demutualised in 1998 and Sanlam Ltd then listed on the JSE Ltd. and the Namibian Stock Exchange. The group has business interests elsewhere in Africa, Europe, United Kingdom, India, the USA and Australia.
Daily: We can see an impulse move...
A reverse Head and Shoulders has formed on JSE:SLM.
It is currently trading on the neckline and if it breaks out convincingly we can expect it to go all the way to around the 9000 level.
This target level is established by measuring the distance between the top of the head and the neckline and copying the measurement on the upside.
This level coincides perfectly...