Rising wedge pattern on the Weekly chart.
Last week we got a break to the downside of the wedge pattern, with the week's candle closing below the wedge pattern.
This week we look set to close below that level again.
*I'm short at R189, targeting a price below R175.
I was unfortunate to be stopped out of this BID short trade last week after that spike to the R329 level.
Price has since come off from those levels to current levels below R310.
Looking at the broader weekly chart, last week’s candle is a bearish engulfing one, which suggest to me that more down might be coming in the coming weeks.
R290 or below remains on the cards.
ZAR is strengthening, global stocks are high, tracking the positivity out of the Trump-Xi meeting at the G20; and we have bullish bull flag on the Absa Daily chart.
I’m still monitoring for levels, but I’m anticipating a break to the upside.
Quite a strong move from the sub-R290 levels about 2 weeks ago to its current levels.
I’m going short at current levels (R315) for a move to below R300.
A breach of the resistant area around R320.70 will be my signal to exit; so my SL is set around R323/R325.
Amplats enjoying a good run from it’s recent lows below R650 to test highs above R700 in today’s session.
I previously missed the move from R730, but I’m still bearish this stock.
Price may overshoot the R720 resistance area, but I will take that as a chance to get better entry.
I’m looking to trade it as follows:
Short at R720 (or better)
TP at R600
As I'm waiting for for the incline support on the daily chart to break to trigger my short entry, I can't help but notice a bullish ascending triangle. If the R130 resistance area breaks, R150 can't be ruled out!!
BVT has broken below the R210 support (previous resistance).
Price is now approaching incline support around the R202 area. Just below it is the 200dma at R199.
I’m expecting those 2 levels to hold for a bounce.
'Bearish' consolidation on the VOD weekly.
A break of that might be what we need to take us to the R100 levels, which is the likely target for the H&S pattern that is playing out of the long term monthly chart.
Truworths ‘invalidating’ the bearish rising wedge pattern which had formed,by breaking to the upper side of the wedge pattern.
Just above the wedge pattern, we have horizontal resistance just below the R78 mark, and we look set to close above that resistance level.
Rand is still weak, most SA inc. stocks pulling back today, but Truworths seem resilient...