What a comeback on Arcerlormittal. The stock was down more than -15% at yesterday’s lows as the market was reacting to its half year results. Those lows were rejected with the share making a 10% comeback to close only -4.59% down. With that being said, I like today’s price action for a move to 750c
Buyers seem to be getting tired on Merafe. A bearish descending triangle chart pattern is developing whose neckline is around 140c.
There also remains an unfilled gap around that140c area.
If we lose 140c, 100c may be the next!
Naspers back above down trendline, as well as its 200dma, thanks to yesterday's move.
But notice the massive gap opened. These technical gaps usually 'always' close.
RSI also in overbought territory.
I'm on the fence on this one; but I would wait for a gap close 1st before initiating a 'Long' position.