We give a quick recap of markets overnight and the previous day and insights into the day ahead with a few trade ideas on the day. Ideas are strictly NOT INVESTMENT ADVICE.
The attached pre-market chart and commentary has also been published to our client group. For more real-time insights and ideas, get in touch today.
Long Pivot: VOD
Key Trading Levels For Buy/Long Side Continuation
The highlighted levels may or may not trigger during the upcoming trading session.
Blue Line = Buy Trigger
Red Line = Temporary...
Price has tested the EMA200 and bounced higher out of this pennant setup. A long pos can be in initiated here at 13550 decent trade with RR 1:3. As always manage your risk
A bullish engulfing candle has formed on JSE:VOD based on Friday's price action - it formed at a reasonably strong support level. The momentum indicators are all showing upward momentum so I think we could see a move towards the previous high at around 15100
This bullish pennant price pattern finally playing out with a massive bullish engulfing candle. Price found support at the 13400 level and has bounced higher. Price may gap up at market open. Decent 1:3 RR in this trade with limit at 15000 level or the top off the pennant. As always manage your risk
A bull flag setup here in VOD. The small gap has been closed at the 14200 level. Watch price to see if 14200 holds as level of support. Very decent R/R if you use ST limits with an entry at 14204 with Limit at 15000. Remember to always manage your risk
JSE:VOD formed a hammer candle on the 13th of September which also happens to form part of a bullish harami pattern. Both are strong bullish signals. I think we could see a move up to at least the previous high at around 14500. If it breaks through this level and confirms we could see a continuation to form even higher highs.
Price has broken out on the weekly chart and is targeting 14500 on the weekly and 14000 on the daily if you use short term targets. Possible support is at 13400 for hard pullbacks and softer pullback to 13707. As always manage your risk.
The pivot to some form of automation is proving useful to a certain degree. My daily data isn't foolproof but merely acts as a guide. Data for end of day yesterday suggested VOD could overshoot the highs, and if it fails to hold, provide an opportunity to short/sell back to the 8-EMA. This is exactly what we saw this morning with the price selling off from above...
Price attempting to break out of what looks like a bull flag structure; which break could take price to the 133-135 resistance area, an area buyers have failed to clear in the last 3 years!
*An extract from my weekly report* 31 May - 04 June
"Vodacom Group | Equity Portfolio Perspective (via monthly Chart)| The share is heading for it's best monthly close since October 2019. The long term pivot level for the share remains 13318c where a close above this zone breaches a 3-year horizontal overhead supply opening up 14600c to 15400c over the medium...
Re: Long VOD/Short TFG
I am slightly down on this pair this morning, with TFG being bid, possibly in part due to the MRP results.
Though the stop-loss has not been tested, traders should consider an early exit at a 4.6% loss.
