Sasol has found buyers twice at the 22136 region creating a double bottom.
The pattern has not yet been confirmed.
To confirm the pattern with conviction, bulls have to clear 25960 and preferably with higher than average volume of the last few sessions.
The stock is also faced with overhead resistance from the trendline.
The double bottom outlook will be...
An extract from today's reports.
Potential opportunity also discussed late last week. Both the MACD and 14-day RSI suggesting a potential swing long. Key Pivot = 24100c
W Formation is forming on Sasol.
We are seeing the downtrend slow down in momentum, and it looks like the price wants to break up and out of the down trend.
This is a bit premature for a breakout trader, but it's still good to watch and prepare for.
We have other indicators that still show downside (but potentially changing trend)
200<21<7 - Bearish
RSI <50...
Best Probability Demand-Supply Zones: AGL, SSW, SOL
Derived from my daily technical data sheet which highlights various data points.
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A while back Sasol was posted as a short entry, however upon meeting stop-loss criteria the trade was no longer in play. The share price has been ranging since then. The bulls will likely throw in the the towel and should let price drift towards the orange circle from where Sasol becomes an attractive entry for a long position, ideally it must find support on the...
Sasol: R246 target hit during yesterday's session (traded as high as +249 today)
Original idea attached.
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Speculative trading opportunity, with the view that we could see a reversion to the mean in the short term to medium term. We could see the share continue to consolidate in the R224 to R229 range however the following is my view on the potential opportunity. With the U.S. energy sector (XLE) being a leader overnight (+3.5%), we could see some form of buying filter...
Inv Cup and Handle formed on Sasol and we knew once there was a break below the brim level, downside was to be followed
The other indicators via peripheral also confirmed it as 200 > 21> 7
RSI<50 (Lower highs)
Target hit was R221.40
Now the trend is still down, there aren't many strong levels of support (liquidity). So this means, we are still looking for...
I know alot of investors hold this company and rightfully so. It has however formed another Head & Shoulders pattern which if it plays out could open the gates to R170-R216
Bulls will only be safe if R323 is broken to the upside from what i can currently see on the chart. Note this is a bird's eye view so one can expect movements up or down on the shorter timeframes.
So we all know that Sasol is no longer an oil company right...? They did warn that chemical prices will cause a bit of confusion with their earnings too... Sooooo.... Oil price under pressure and some random mixed bag of chemical sales prices means that they have a bit of conundrum right...?
Why don't we keep it simple and just look at the chart then shall we?...
Inv Cup and Handle formed on Sasol.
The price broken below the brim level.
The gap was filled when the price went back up to close and form the right handle.
Then the supply side kicked back in dropping it further.
We also see bearish indicators.
200 > 21> 7 - Bearish
RSI<50 (Lower highs) - Bearish
Target R221.11
ABOUT
Sasol is a global energy and...
Sasol released a trading statement for the six months ended 31 December 2022 yesterday.
The statement was indeed a mixed bag of expected results which the market did not take kindly to.
The share gapped lower at the open and bottomed at 27801 zac.
Whether the market over-reacted or not is not a debate I get involved in.
On the positive side, the expected results...
