MarcoOlevano

MarcoOlevano

Dollar seems to be bouncing strongly off those lows seen in February. A bounce here could see weakness in risk assets so an important level to monitor. Downtrend resistance comes in at approx 103, and horizontal channel resistance at 105 which will be two important levels to monitor if we bounce strongly in the next few days

MarcoOlevano

I don't know if history will repeat but the candle structure on the monthly SPX chart is striking similarly to August- September last year which saw the month of September lose almost 500 pts. Will March this year see something similar?

MarcoOlevano

Nvidia starting to look toppish here with bearish divergence forming on both the MACD and RSI off the top off the parallel channel. Trying my luck here for a move to close the gap between $207 to $211.

MarcoOlevano Updated 

This analysis is done on a monthly chart so this could still consolidate and take some time to play out but just a few interesting points to note: (1) the 200 month moving average (green line) has acted as a support and resistance level for the price of brent crude for the last decade and a bit (looks to be supporting price action currently) (2) the 61.8 fib from...

MarcoOlevano Updated 

Scanned a couple of stocks on the JSE and it was tough to find many decent setups although Aspen is one that stood out for me on the LONG side. 3 reasons I think this setup is constructive and likely goes higher to at least R200 (1) Weekly price action has been making consecutive higher lows since bottoming out in August 2019. (showing relative strength in...

MarcoOlevano

Keep an eye on Gold Fields, after a roaring run from the lows seen in September last year and touching a high of R215 in January, the stock has corrected in February to an important level which could provide support. R175 is where we find both horizontal support and the anchored vwap from the Sep 22' lows. If we do bounce we could run up to R198 - R199 where it...

MarcoOlevano

Keep an eye on GDX and GDXJ, the two most popular gold mining ETF's. We have a confluence of the anchored vwap from the April 2022 highs meeting the 200dma. If history repeats we could start to see gold miners gather a bid here for the next move higher. Gold price is holding up at the 38.2% fib + yearly pivot, so im watching closely for another rally at these...

MarcoOlevano Updated 

I think the chart speaks for itself, but this looks like a short squeeze and a bit of an exhaustion (shorts taken to the cleaners). If the history of this chart is anything to go by, i would expect a reversion to the mean so i'll be looking to short this 80 level for a pullback into the mid 60's

MarcoOlevano Updated 

Some real meaningful progression for the bull case in US small cap stocks. 50 dma > 200dma Price has cleared the critical resistance level between 187-188. Price has some short term resistance at the 38.2% fib retracement here, but it looks like we should progress to the next resistance level at the 50% fib retracement at 200. Chart is showing a clear formation...

MarcoOlevano

Looks like bonds could break up here- target approx $117 - like the look of this

MarcoOlevano

Omnia seems to be consolidating in a healthy fashion in the form of a triangle continuation pattern. Good chance in this resolving higher and your stops can be pretty tight on this. Triangle breakout could see it move to approx R95 so not a bad risk reward trade here.

MarcoOlevano

Since the highs in March 2022, Angloplat has corrected almost 50%. I am starting to become interested in this chart on a medium term basis for the following reasons: (1) Supported off 61.8% fib from Mar 22 and Mar 20 Highs and lows (2) Rising channel support (3) Has tended to consolidate under the 200WMA before reversing on a weekly time frame (4) 200wma still...

MarcoOlevano

Keep an eye on Palladium here... looks to be consolidating in a neat bullish falling wedge formation. More importantly, the RSI is making a series of higher highs (divergency) which is warning of a rally to come... Might be worth looking at a couple of the palladium/platinum plays... Sibanye, Impala, AngloPlat, Northams etc which would be beneficiaries if this plays out

MarcoOlevano

Keep an eye on Retailers in the US. Fundamentally it doesn't feel right but technically its telling a different story. Nice consolidation off the 200 weekly ma since may Last year. Level is clear here. A convincing weekly break above $66.50 should see this move higher to at least a target of $77.50

MarcoOlevano Updated 

R360.00 is clear support here... as highlighted in yellow circles, march saw similar action where the stock consolidated just under the 200wma before igniting a rally of some proportion. Are we going to see something similar here?

MarcoOlevano Updated 

Nice bounce off the 200 weekly EMA for Goldfields (GFI:JSE) as gold price has seen a nice reversal midday. If the 200wema at R130 fails, we could be headed to R110-R115 which has some strong strong horizontal support. the anchored vwap from the sep18 lows also come in just under which should provide another level of support/

MarcoOlevano Updated 

African Rainbow minerals is carving out another bullish flag formation which should see it reach two technical targets of R280.00 and R310.00, once it breaks out above the flag.

MarcoOlevano

Level of support is very clear here. Stock trying to close back above the 200dma which would be a good start. Should market remains strong could see it move to short term targets of R92 - R93 and R103. With its exposure to the commodity space and precious metals/copper moving up.. should be a bit of a catalyst for Barloworld to start moving higher again.