Vodacom has required some time but it seems ready to take the next step down of the overbought line of the downward stride. After the redistribution, range has played out and with the market turning down Vodacom may follow the market down.
We may derive the following from the Weekly VOD chart:
1. Price was rejected by our major trend (grey trend) (See linked idea).
2. However, price has/is holding at our backtest level.
3. A further bid may help push the price up.
4. Monitor for bullish action and a break of the channel trend.
5. As always - maintain your risk.
Note: The views provided...
Lower Bollinger Band crossover with an indication of low volatility. Keep in mind that the best technical breaks usually developed from periods of low volatility.
Bearish MACD crossover below the zero-line.
Decreasing trajectory on the OBV - money is leaving the share.
The only concern is the RSI oversold territory which is around 11125, leaving limited downside...
JSE:VOD
I know most people will jump and say how head and shoulder is pattern valid only at market tops but I'm posting this chart here.
If it plays out target around 9600, or if you want to be safe 10000 would be good bet.
Big red engulfing bar today.
Hi Guys
So having a look at VODACOM, we may derive the following from the weekly chart:
1. The recently formed base has shown a reversal pattern (the equidistant channel).
2. The weekly down trend (pink line) has been broken - we are approaching the major downtrend (grey line).
3. A test of the orange circle or resistance is possible and a break beyond that...
JSE:VOD has broken through the top of a sideways channel that it has been trading in since the 24th of Jan. It has broken out and confirmed the upward move by closing out of the channel twice.
There is also a gap that will most likely close. Just beware that it might find some resistance at gap close.
Vodacom Group Limited is an investment holding company. The Company is a mobile communication company engaged in the provision of a range of communications products and services, including voice, messaging, converged services, broadband and data connectivity. The Company's segments include South Africa, International and Corporate. The South Africa segment comprises the information relating to the South African-based cellular network, service provider and other business segments. The International segment comprises the information relating to the non-South African-based cellular networks in Tanzania, Mozambique, Lesotho and the Democratic Republic of Congo, as well as the operations of Vodacom International Limited and Vodacom Business Africa (VBA). The Company offers business managed services through VBA. The Company offers its services to over 61 million customers. The Company is ultimately controlled by Vodafone Group Plc.
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VOD
