More educational than anything...
Many people would've taken this breakout earlier in the day which ultimately came back down and didn't close above resistance. When swing trading breakouts I like to enter towards the end of the day which gives me a better understanding of how the market is acting and what the volume looks like.
Also as with most JSE shares that...
Although RDF and SA property have been struggling post lockdown I do think there is some lagging behind and a 'bottoming out' that has taken place. I like the 200 level here and has great risk reward opportunities. 192 as a tight stop.
I'm a big fan of this set up. The lack of effort leading up to the breakout and 3 thin real bodies showing not much supply coming to this market. A retest of breakout on the 2nd day has given a chance to enter if the breakout was missed.
Potential target could be 11846. We also note the large unfilled gap.
Stop - 8864 or a tighter one just below the breakout candle.
$JSEWHL touched the 200 MA again after a huge move up today over 6.5%. Will be looking for a daily close above the 200 for an entry. If we see more upside we could also see a golden cross i the coming weeks too. One to watch technically.