Looking at the TELKOM, we may derive the following from the weekly chart:
1. Price is at a notable resistance level where the first rejection has occurred.
2. Price may form a reversal pattern at the high going forward - will monitor this and short accordingly.
3. I am favouring a move to downside in the near future.
4. I am currently short at R100 and will...
It is shocking to see a stock soaring in an economy plagued with state capture scandals, corruption, uncertainty and all things junk. Notwithstanding the fact that i love South Africa, it is sadly true that most stocks on the JSE stock exchange are in bear market territory. Hence the shock i had when i opened this chart.
I expect prices to move up as they...
+MTN/-Telkom: Pairs Trade Idea. The pair is at 2006 levels. The weekly chart sees the Relative Strength Index attempting to regain bullish territory. Daily Chart sees a pending break of the 50/20/10 EMA’s while the RSI is also attempting to regain it’s bullish territory.
Telkom has once again bumped up into its trend line resistance which has formed highs in the stock on two previous occasions. The stock has been a strong outperformer in its sector and one wonders whether it has not possibly run too hard in the context of a weak economic backdrop locally. What is interesting to note is that the top in 2015 formed in early April....
Failing at Resistance With A Bearish Engulfing Candle: The second one in just over a week. Telecom shares under pressure.
Upward trend line yet to be broken however do we always wait for a break if fundamental evidence emerges and the technical start to show evidence of weakness? No.
This one appears to be under some selling pressure and may just tick a lower...
#Telkom might be running into some tough resistances after a long uptrend earlier this year.
- Retest of long term trend-line
- Bear flag forming
- Last but not least, .618 fib retracement level reached
All 3 these reasons are sitting at the same point.
Maybe a last effort or bull trap waiting, but I expect a drop
It is not a good time to buy Telkom but it makes a good study of the Wyckoff principles. The first thing to notice is the pattern: Markdown - Accumulation - Markup - Distribution - Markdown - Accumulation - Markup and now potentially forming a range again. The next notice the two ways that markups and markdowns en: 1) The first Markup and Markdown ended by an...