Channel traders can look at adding at the 255 levels if that level holds. If that level however breaks, you need to stick to a stop loss. It could get ugly. Not a trade for orphans and widows. Cell C defaulting on their loan is dragging this share down.
A break of 347 could open a target range of of 265-244. Wait for a break of 347. Stick to stop losses.
The Dow Jones Industrial Average broke out of the channel briefly just to break back in. This is termed a fake break. It retested the breakout yesterday and failed. This is usually an indication of more weakness to come. Bottom of this channel is now the likely target. It is -4.8% away.
Trading against resistance. Will it hold or break ?
Channel ping-pong. 255 seems like the next target.
Break back into channel will trap some bulls. Lots of open air below. More downside to come.
Capitec currently on support after what looks like a double top. Keeping an eye on this one for a possible short in comings days/weeks. No position
Sartix40 is trading on support. If support breaks 4850 is the next stop.
USDZAR up against resistance once again. A break could lead to more ZAR weakness against the greenback.
Newgold is looking bullish on the back of a risk off market. Target 235.
If this share break back into the bull flag it will be a false break and could lead to more downside. Stick to stop losses.
No meaningful technical analysis on this except that it looks like we're not going to see a lower low. Shoprite posted good results off a low base in a very difficult economic environment. I'm willing to take a long approach on this with targets of 12670 & 14500 based on this. The targets are based on trend lines that will offer resistance.
Today we are seeing a test of an important breakout level. This level needs to hold, or we might see a bull trap leading to squeeze back into the channel. It will be bullish if this level can hold and we move higher. A bit of caution is advised.
Take care in taking new long positions.
Sasol looks like it's building a bull flag. Still early days, but will keep an eye open for a break in coming days.
Reaching a line of possible resistance.
A break of this bull flag will open a 2240 target.
Comair has been trading in a defined channel for sometime. Channel players can buy and sell between support and resistance lines.