Friday 01-March-2024, 06h30 | Sticking with SLM Sanlam, the price action is also in line with yesterday morning’s pre-market reading via the Tactical Trading Guide which looked for a re-test of the 50-day EMA followed by a rebound. See chart + reading below:
SLM Sanlam & Sanlam vs Top 40 | On an absolute basis, Sanlam is trading just below multi-year highs, however, having traded in a tight range for several weeks. This is a healthy technical development. On a relative basis, the share is trading near 52-week highs versus the broader markets (Top 40 as a proxy). Also note yesterday's elevated volume. This is a...
See link below for previous analysis
Sanlam has had a good run since the last update and has traded as forecasted.
An update of the wave count shows a triangle consolidation for wave 4 and wave 5 looks to be unfolding as an ending diagonal.
The MACD is trending lower as price continues to creep higher. This divergence is a caution that price momentum is waning...
JSE:SLM has been trading sideways between R43.96 and R73.20 from March 2020 after tumbing from its all-time highs of R98.49 in early March 2018. Price just retested the resistance band around R73.20 and has been having a bearish reception since Monday the 18th of December 2023, however price had managed to close last week Friday strongly bullish at R74.31. This...
Sanlam has a beautiful down channel which has another channel within the bigger channel. The share is seeking a yearly low price. The area it is approaching has a confluence of support where downtrend was halted before as shown by horizontal black lines. How to approach the trade:
1. Watch for price to make a swing low (on daily chart), watching to see reaction...
Sanlam (SLM) is one of the largest insurance and financial services groups in South Africa. It was established in 1918 and demutualised in 1998 and then listed on the JSE and the Namibian Stock Exchange. It has operations in South Africa, the UK, America, Europe, India, and Australia as well as a range of other African countries. Its product range includes general...
Since December 2022 Sanlam has been in a steady upward movement. The MACD is making a bullish crossover and the share is +-12% higher than the 200-day SMA, confirms the direction for long.
Direction: Buy
Target: R70.96
Stop loss: R62.71
Risk/Reward: 1.5
Traders/Investors should always make their own analysis, the idea posted is just a guideline. Risk management...
Update: Sanlam - Bank/Take Profit on Sell/Short Idea
(Original Idea Attached)
The share is at a 1-month low and is in the money by 4.2% (ungeared) . It is also nearing the full target of 6442c.
Alternatively, traders can:
1) Adjust their stop-loss
2) Scale out of the position as it approaches the full target.
The chart is 'current'.
The JSE Life Assurance Sector is approaching overbought levels relative to the JSE Top 40 Index. Considering the distance of the ratio chart vs the 200-day SMA, sector trades 13% above the moving average. This is the highest level since 2019 (as far the current data goes back). Why is this chart relevant? For traders who currently hold life insurers or are...
Sanlam daily cycle is seeking a half cycle high on day 17, however we note the following:
1. TSI & RSI are putting negative divergence.
2. The RSI is showing overbought and beginning to turn.
3. Switching to the weekly chart we see overbought conditions as well.
Given the above, the earnings report presents a risk to the downside, the cycle would be confirmed to...
Sanlam (SLM) is one of the largest insurance and financial services groups in South Africa. It was established in 1918 and demutualised in 1998 and then listed on the JSE and the Namibian Stock Exchange. It has operations in South Africa, the UK, America, Europe, India, and Australia as well as a range of other African countries. Its product range includes general...
In the last analysis I mentioned, Sanlam was forming a falling flag.
That was for the buyers and sellers to balance based on the previous phenomenal growth it had.
Since then the price is above the Falling Flag ad is showing even more upside (passed my target).
But we will be generous and do another analysis if it surpasses the first place....
Sanlam Ltd (SLM) | The share has advanced strongly, moving into an overbought range, with the 7-day RSI at Friday's close, the 14-day RSI at 71 and the 7 week RSI at 73 at last week's close. While the strength is evident, today's candle formation may have been an early sign of a loss of upside momentum, with the development of a 'dark cloud cover' as well as a...
Looking at the daily chart, we can see Sanlam forming a descending triangle formation which we can expect to break down or put a break higher then make a round trip on the triangle (Around the Apex) move. The RSI is building negative divergence. As emphasized on the notes to the monthly view, one would have taken profit partially for later deployment on the lows.
The weekly view of Sanlam shows the share is in week 27 & ended the week with a reversal candle. The drop towards weekly cycle low must drop to below the pink upwards slopping support line. Once we reach that point we look for a turn to the upside, however the drop must not go below R46.86. Current price can also be seen to turn away upon hitting the 200 week...
Since the last update, Sanlam formed a Falling Wedge, The price broke up and out of it and headed up.
Then the sellers kicked in and tried to bring the price back down. However, the new established support was proven to be what kept the bulls strong.
This was also a great opportunity to go long and buy the conservative entry level.
Before we knew it, the...
The last coverage of Sanlam was on 25.05.2023, link below.
Price held above 5021 which was the stop-loss level and the bulls certainly re-emerged taking price towards 6400.
The rally from 5021 is unfolding as a five wave impulse and is in wave v of (iii) of ((iii)).
Buy the dips is the medium-term strategy as the wave count suggest more upside in store.
SLM Partial Close, Leave The Remainder To Run
Thus far a +6% gain depending on your entry.
Also, my earlier this morning.
The short/sell idea is currently in the money between 4.9% and 6.4% (ungeared), depending on your entry.
Traders could consider scaling out as the share approaches the target (5532c) or bank/take profit in full.
The idea was to sell at...
