I appears as though all the shorts or the majority of them have cut in what can only be described as a good old fashioned short squeeze.
This has resulted in the weekly close chart making a 6.85 Fibo extension, something very rarely seen on weekly charts.
With it only being Tuesday there is every chance that the price could still rally some more to...
The 240 min chart has a potential RC and should this be the case we would be headed for a quick move to R14.88 - R15.19.
I would look to buy this chart on a pullback to R14.34 with a stop under R14.24, giving one a 54/10 bet based on the min target level at R14.88 or but on the 240 min close over R14.50 with a stop under R14.45 and this will give one a 44/10 bet...
From a partly cloudly but buzzing Johannesburg, South Africa!
The 240 min chart (which I consider short term based on ZAR volatility) is currently 50/50 and could either be some kind of H & S / ABC formation headed to sub R14.10 (which would be a massive buy) or could consolidate to breakout higher.
If this is a consolidation to trade higher be...
I have have been watching this chart for the last 19 months and just can't wrap my head around the size of the gap on a Weekly chart.
The overall formation is corrective, but according to what I look at there seems to now be every chance that correction will look to do a 99% retracement.
This view is based on the last part of the formation as seen...
From a mild Johannesburg and ahead of tonights WASDE (out at 7 pm local time) I would like to share what I feel to be a very RR (risk/reward) trade.
Of all the softs heading into tonight's numbers, I feel that Corn has the highest probability of rallying.
I believe that we can see a rally toward the $4.24 level in the coming days and post tonights...
Good Morning Champions
The Weekly Close chart has held the R13.90 level very well, while also trading at its most oversold since 19 February 2018.
I personally feel that there is still a very high probability that the chart will look to test the previous all-time highs.
We will need a weekly close over R14.51 to confirm a reversal of the downtrend in the MT...