The R1323-R1475 zone continues to be a headwind for the bulls (R1405 strong resistance)
Short term Moving averages have flattened as the stock gets ready for the next big leg.
Similar to our JSE:NPN trade, , the bullish engulfing that formed on JSE:PRX seems to be playing out nicely, and I wouldn't be surprised if it reached is target in the next few trading days.
Bulls have clearly run out of steam at the ambush zone .
Oscillators have turned bearish so looking for short setups on the daily timeframe. Gap targets below will make for some good targets , will update the idea and price action develops.
Target hit at R1,446 recently from a larger Cup and Handle.
And since then we had the price go up one more day before entering into a strong sideways range.
During this time it formed an Inv Cup and Handle with a few bearish signals.
21>7 - bearish
Price>200 - Bullish
Target R1,1033
RSI<50 Bearish
WARNING
Even though we expect the price to drop, it's only...
The time-frequency is the 4-hourly chart.
A bullish trend is applicable.
The ideal entry range is as close to 131300 as possible.
The target price is set at 137100.
Stop-loss is at 130500.
An interim correction is expected.
Time exit: +/- 10 March 2023.
Since we sent out the trade idea on Prosus, it formed a beautiful Cup and Handle which broke our of the brim level.
7>21>200 Moving averages all looked perfect and RSI was above 50 Green backgrounds all around.
The first target he set was to R1,445.20. WHich it hit last week.
Now unfortunately, there is no other chart pattern that's formed but instead a bull...
Our trade idea on Prosus has been quite a hold, but well worth it...
RSI is showing no signs of coming down.
Cup and Handle is still very much in play and now we are just riding the uptrend.
7>21>200
Target R1,445.20 still
Thoughts?
Cup and Handle also has formed on Prosus with the Moving averages looking strong with 7>21>200
Target R1,445.20.
There is a strong correlation with Naspers which is showing almost identical charts.
The RSI has also broken above the Negative divergence and is in the upward momentum territory >50.
The only concern as I often mention are the gaps in the charts...
Price action in Prosus shows it in intermediate phase of decline with a low targeting late November to mid-December. It presents an attractive short with price set to go below the pink inclining trendline. When price makes a swing low after hitting the trendline would be time to close shorts and go long.
Risk: Price closing above the green trendline on a weekly...
Prosus has closed the gap from the 27th June whilst Naspers is got a bit to go.
Price action will be key here to see if we get a bounce from these levels over the next few sessions or if we go back R800
JSE:PRX has closed its June gap, JSE:NPN is yet to fill its gap. PRX is trading below key MAs, if there's no bounce here, it might go test the recent low at R710.
JSE:NPN & JSE:PRX traded above the 200 dMA mid-June, bringing a glimpse of hope. A decent move it was for Naspers (the move resulted in a profitable position, in a tough market, sibonga noma yini) but Prosus is now below the level and there's a gap that might be filled. Naspers is still above the MA, but for how long?
PRX has been trading in a tight consolidation box for the last 33 days.
upper resistance at R1125 level
lower support at R1035 level
waiting for a breakout should provide a good RR
As posted in the previous post, the 50 day remains an important level for bulls to capture for a chance to turn this short term downtrend around.
Looking for a possible second day close above 50 day
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
- Prosus is currently resting above its 50 day moving average
- Bulls will want to hold it above R789 to have a chance of breaking through overhead resistance
- Failure below will open a leg back into range
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
