Getting close to some form of support. Will it bounce ?
Maybe a challenge of the recent market low ? If that low holds, we could see a bounce.
It the low is taken out, it could get even uglier.
No position until we get some resolution on the above scenario's
Satrix resource ETF is currently trading in a channel, but after a rejection at the SMMA 40 this could end up becoming a bear flag channel.
Watch out for a possible break of this channel.
Target area if this flag breaks is 5123-4736
Watching. No position.
Nasdaq is up against resistance. A few scenario's can play out:
-Another leg down to lower lows
-We start a consolidation range
I guess data will be the determining factor. Wait and see approach. I do see some bullish signs on selective shares.
After breaking out of the downward sloping channel we are now testing this channel line again.
Adding some as I think/hope this line will act as support
Target if this support line holds is R67,50.
Small position. Be nimble
STXRES reached the top of what looks like a descending channel. Some resistance is expected. Will the bottom of the channel be tested again or could we see a break of the upper channel resistance line ? Neutral right now.
If history is anything to go by, then this rally is almost up against resistance for another leg down. Be nimble. I suspect the the bulls won't make this easy for the bears. Neutral until we turn, or break.
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Formed and inverted head and shoulders. Wait for a $60 daily close (Break of neckline) for a long and a price target of $80. Be nimble....