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.
A break on that incline/trendline support (which is also coinciding with the 200dma) could point to 1600 next!
Here comes the break on PPE; 130c/140c could be reasonable 1st target followed by 100c.
Brait building a good base on the #weeklychart in the form of a Cup & handle chart formation, which need to break the 500c level to be confirmed.
Bull flag break on daily the daily chart; can target 670c.
DRD Gold still under pressure. This chart has 8.00 written all over it!
A bearish double top developing on the weekly chart. Could target sub 100 if confirmed.
This break of incline support can be shorted for a short term move to 35
The 156ish area has been providing support since January 2022; and it looks like we heading back there again. But I will be cautious in buying that support this time for the simple reason that price failed to reclaim the previous YTD highs, and is forming a bearish Head & Shoulder pattern in the process. Should we lose that 156 neckline support, it may get ugly.
Nice base developing on NASPERS, a technical rounded bottom chart pattern building. A cross above the 1900 area may be bought. But the real hurdle is that down trendline which is coinciding with the 200dma (around 2300). That's the area that need to be cleared to expose higher prices.
A close above the 50dma will be bullish. 1st target will be that dividend gap just below 190c.
MTN making a series of low-highs, and developing a bearish descending triangle chart pattern in the process. If confirmed this may take price to around R110, albeit with some support levels to overcome along the way. *That down trendline line (currently around 170-175) has to be broken for the uptrend to remain intact and resume.
Nice breakout on SASOL. It's the same kind of set up that we got in January 2022 when the 300 level broke out. I'm calling it 480 from here!
Amplats developing another bear flag. A break of that, together with the 1500 support could be ugly.
As I'm waiting for a retest of the H&S neckline, can't wait but notice another bearish pattern developing; a 'bear flag'. If we don't get that retest, a break of that bear flag can be used to 'short' for a move to 40. *Original idea below.
Though at a confluence of support (horizontal and incline), Aspen seem to be 'flagging' for another move lower. If confirmed, measured objective is around 110. A break of that 150 support area can be 'shorted'.
Share down more than -9% on earnings disappointment. Technically there is a gap opened, up to 172, that may get filled in the short term. RSI is also approaching oversold territory, meaning an oversold bounce may be reasonably expected. But overall I'm being guided that 'bear flag' formation that may target 130 next! I'm also a firm believer that "Nothing good...