Looks like the bottom of this large channel is now in play.
Sasol currently traded in a defined 255-297 channel. Consolidation usually leads to a move higher or lower. Immediate downtrend seems to have been broken and tested. Buy with a target of 297. Sell with a daily close below 250.
Omnia unaudited results shows profit again and the market responded well to this news. Omnia has formed a cup and handle or flat top triangle, and a 3185 neckline break could open 3670 and even 4300 targets.
If the DJI breaks back into this channel, quite a few bulls will be trapped, and we know what trapped bulls do. They sell. Interesting level right here.
Close below top of channel break would not be good. Stick to stop losses.
Looking at another potential fake break of the channel. 255 could very well become a target again. No Position.
..comes fast moves. Set-ups like this are usually conducive for position squeeze situations. My money is still on the long side.
Head and shoulders break with some support a little lower.
Comair has formed a double bottom and if the share price can close above 367 on the daily chart, 421 looks like a likely target. If SAA fails then the moon is a more likely target. Wait for a 367 break and daily close.
More upside expected.
Head and shoulder formation that broke the neckline and retested. Looking bearish. Unless bulls can claim neckline fast, more downside likely.
The gap that opened after the announcement that they will sell assets and delist is now closed. We need to watch carefully how buyers now respond. Could be an opportunity to add if the neckline of the cup and handle formation holds. Waiting.
Maybe time to take some profit off the table on this one. Can always enter at a lower level or add again if we break higher.
Today a bear flag broke on the news of a potential Telkom buyout of Cell C. If this proves to be a fake break then it could present a buy opportunity, else stay away. If this share trades above 255 by close of business, it could reach the top of the channel 299 very quickly. Speculative bet not for orphans & widows.
The current value unlocking corporate action of RMH also triggered a TA cup and handle break with a buy signal and a 9060 target price.
This channel was first identified as a possible bull flag, but has subsequently broken to the downside. Lack of buyer commitment means we stay away from any long position in the short term.
Newgold's breakout and subsequent 18% run was spectacular. We have however now moved into a phase of contraction that could last for sometime. Long term investors won't mind sitting on this one, but short term traders can look for better opportunities while this contraction is taking place.