Quite a curve on the ALSI like many other indices in the world. We could have reached double top that also coincides with the high in January 2020. Caution is advice in taking new long positions at current levels over the next few days.
Netcare has been consolidating between 1300 and 1526 for a while now. Lately it has moved up from the 1300 level and is set to test the upper channel resistance line soon. Watch for a break of that line @1526. A break would indicate a possible target of 1715. Wait for the break.
Telkom seems to be consolidating into a flag pattern. Still early days as this pattern needs to confirm. Entry could be staggered into two trades. One when flag is broken to the upside, and a second when 3800 is breached. Two targets when 3800 is breached 4150, 4500. Stop loss when we break back into the flag pattern after is was breached on the daily chart. Wait...
ZARUSD seem to have reached some support on 1630. If this support breaks 1550 will be the next level of support. No position.
The JSE All Share Index is building a shooting star candle formation on a daily chart. This is a bearish signal. The fact that it started against a longer term resistance level solidify the fact that we might be in for a period of consolidation.
Two targets looming 6600 and 7500 for a gap close.
The Satrix ETF has now reached the top of the channel (pre COVID ) levels and I believe will experience some resistance in breaking out of this multi year channel. Take care in taking any new long positions.
Old Mutual has been trading within a defined channel since March this year. The channel has got an upward trajectory. A long position can be attempted at the bottom of the channel 1200 for a top of channel 1500 target. A break below 1200 should trigger a stop loss. Some volatility has moved back into markets, so take care with any new long positions.
Firstrand has been trading within a large consolidation channel for a few months now. Current range is between 3700 & 4800. Long entry points closer to the bottom of the channel could be attempted with a stop on a breakout below the bottom or the range. Top of the range can be a target for profit take.
This ETF is starting to challenge the bottom of this consolidation channel. Could point to some more downside if this channel is breached.
Omnia had a very good neckline break on good results. Possible targets for this break is 3230 & 3600. The breakout was very large and I would wait for some weakness to settle in (hope) and look for a position as we move closer to the neckline test of 2550.
Back into this channel and 334 might just become a target once again.
Since 2017 the Satrix TOP40 ETF has been moving in a channel with a downward slope. We have reached the top of that channel once again. The channel has only been breached twice in the three year period. The obvious assumption would be to believe that it will keep trading in the channel into the foreseeable future. Personally I think better ETF's with more foreign...
Quite a few ETF's have entered a period of consolidation after a period of expansion. The Sygnia Itrix MSCI USA ETF is one of those. After periods of expansion, comes periods of consolidation. Periods of consolidation can be followed by either a period of contraction or further expansion. Very difficult to tell how long this period of consolidation will last. This...
Quite a few ETF's have entered a period of consolidation after a period of expansion. The Sygnia Itrix FTSE100 ETF is one of those. After periods of expansion, comes periods of consolidation. Periods of consolidation can be followed by either a period of contraction or further expansion. Very difficult to tell how long this period of consolidation will last. This...
Quite a few ETF's have entered a period of consolidation after a period of expansion. The Sygnia Itrix MSCI World Index ETF is one of those. After periods of expansion, comes periods of consolidation. Periods of consolidation can be followed by either a period of contraction or further expansion. Very difficult to tell how long this period of consolidation will...
Sibanye seems to have moved into a consolidation channel. after a good period of expansion. Bottom of channel could be a target for a possible long position 3080.
It initially looked like a volume breakout on the Satrix Resource ETF, but with current weakness might turn out to be a fake break with a 4800 target.