Possible bear flag developing here. Still early days, but I would keep an eye on this pattern. If the flag breaks to the downside, 350 would be possible once again. I you are a current shareholder I would wait and just watch this pattern rather than pre-empt and sell.
Another bull flag in the making ? This unloved sector has got a long wat to go to pre COVID levels. If this consolidation turns out to be a bull flag, it would have some interesting upside potential. First resistance level is around 1400. I have a position.
Still too early to determine what pattern will emerge from this, but my money is on a possible bear flag. Support held well thus far, but if that bear flag (IF it's confirmed) emerges, will have another few % potential downside to support lower down. No position currently, but watching and waiting for confirmation.
Nasdaq futures is close to the upward sloping support line dating back to Nov 2020. We are not there yet, but I suspect a little bounce off this level. Sentiment seems to becoming more negative by the day, and if support on this trendline does not hold, another 5% downside potential is on the table. I would be careful into being lured into exposing myself too much...
Long term support is around USDZAR 13.90. We are currently trading very close to that level. If support holds, the expectation is that trend up will continue. “History Doesn't Repeat Itself, but It Often Rhymes” – Mark Twain
ProShares UltraPro Short QQQ ETF (Nasdaq Index) made a morning star doji in a downtrend. This is generally bullish, but if the next candle stick is red or it gaps lower, it will be invalidated.
The JSE All Share Index today broke a two month old inverted head and shoulders pattern. Upside of 6% to 72700 is possible on the back of this pattern. This target will without a doubt be driven by escalating resource prices. Keep an eye on a break back below the 68000 level for a possible stop loss.
Truworths has been consolidating in a bullish looking flag pattern since February. A break of the 5100 level could open 5800 & 6200 targets.
Kumba has formed what looks like an inverted head and shoulders pattern. Wait for a daily close above 69500. Targets for this pattern would be 75000 and 80000.
Harmony broke a multi month downward channel in March and has since then been forming what looks like an inverted head and shoulders. Watch for a break of the 7185 neckline for targets of 8000 and 8900 to open up. The break will happen on the back of a rather bullish looking Gold Futures chart. Wait for the break
Gold futures chart looking interesting at these levels. It broke from a multi month down channel recently and is now forming what looks like a bull flag. A break of this flag would open a target price of around $1872
Hyprop formed a nice looking cup and handle. If it can break 3150 convincingly and stay above that level 4000 could become a target in the medium term.
Maybe, maybe not. Market do however look a little tired here with a lot of good news priced in already (Yes it could also include the good results we've been seeing coming from the tech sector currently). I'm carefully optimistic about the Nasdaq at the moment. It could underperform other markets this year.
Hudaco broke what looks like a bull flag. A possible target for this flag break is 11375. This share sometimes trade a with little liquidity, so keep that in mind when setting a stop loss.
TRU has been consolidating from February after a great move off the 3500 levels. Keep an eye on this consolidation pattern. A break and a move above the 5175 level could indicate another leg up for this company. No targets currently. Waiting.
Netcare seems to be building a potential head and shoulders formation. Watch the 1560 neckline for resistance. A break of that neckline could open 1700 and 1970 targets. Wait for a neckline break. Stop loss around the 1400 level.
Roblox looks like it hit support around the $68 level. This is maybe an opportunity to add in anticipation of a bounce to the top of the channel once again. Current market conditions seems a little weak, but maybe worth the risk. Stick to stop losses.
Maybe time to consider taking some ZAR offshore ? Long term support dating back to 2011 is around ZAR 13.90 and getting closer by the day. I am considering adding some funding to my US $ based trading account. Do your own homework, and make up your own mind.