Trend is still down on the daily chart.
Down-sloping trend line and 50dma continue to cap further upwards movements above the R423-R425 area.
Any price advances to that R423-R425 area could be used as an opportunity to Short.
Daily chart shows price trying to break support around R118.
I'm monitoring for, 1st, a close below R118, and 2nd, for that R118 area to act as resistance.
Provisional entry levels, R115/R116; target R100.
I previously missed entry for a short trade when the price broke to the other side of R28.
On the daily chart, price seem to be consolidating again for another move lower.
With a trading update due in the 2nd week of February, I'm monitoring the R26 area for possible entry into a short trade.
This pair has been trading in a falling channel going back to Aug/Sept 2019.
It is now sitting at the bottom end of that channel.
Another chart pattern that looks like a falling wedge pattern has formed within that channel
The pair is in oversold territory on the RSI (relative strength index).
I'm seeing 2 scenarios:
1. A break of the lower boundary of the...
I previously highlighted a bear flag which was forming on the daily chart, after which we saw the big price drop on January 14.
That January 14 big red candle is now acting as the 'pole' for another bear flag which is/has formed.
At a price of R28 (or better) I'm going 'Short'.
Over the past 3 weeks, the daily price action on Mediclinic looked positive, and it looked like a break to the upside was coming; but alas, the 50 day moving average capped further gains.
If the trend is indeed your friend, I'm going with the trend, and I'm calling a 'Short' around current levels (R56/R57).
A breach of the 50dma will be my signal to get out; R48...
Last week MRP released Trading Update which wasn't received well by the market, which took the price from last week's highs above R250 to current levels below R215.
Technically, looking at the weekly chart, we have a rising wedge pattern which has since broken to the downside, and now we have the 200 day moving average sustaining the price.
If the 200dma is...
Last Thursday (17 Jan) we saw the price break the support on the bear flag which had formed on the daily chart. With a Trading update expected in early February (which I'm expecting to be bad) I'm expecting further downside.
I'm calling a short on DCP on a restest of the breakout level around R27.50. A price of R28.50 will be my signal to get out.Take profit target is R25.
After last Friday's (11 Jan) release of a trading update by Richemont (CFR), we saw price temporarily breaking the R94/R95 resistance to hit a high of R96.28; but only to close at R94.68, with an 'indecision' Doji candlestick forming for the day.
Yesterday's (14 Jan) price action saw us closing below the critical R94/R95 area (at R93.90).
The R94/95 resistance...
Nedbank daily chart showing price attempting to break to the upside of an ascending triangle pattern that has formed.
Resistance is at R275. During the past week we have been seeing intra-day highs above this area, but still managing to close below it.