SteynTrade

SteynTrade

Shoprite has been weaker than the market and continues to decline. Looks like 2020 will continue this trend. After a backup to the trading range (TR) after the breakout price is going on to the markdown phase.

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After a short but high volume accumulation price has broken higher (see posts below). A low volume back up (BU) price is now ready to be marked up further. The relative strength to the Top 40 has turned positive and there is divergence with the volume RSI confirming the markup.

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Sasol has been week and recently broke out of a long term trading range (TR). However, more recently an accumulation TR has formed that could take us back to test the long term TR. We have backed up (BU) to the accumulation TR and I am now looking for a break higher back to the longer term TR.

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Goldfields was in a re-accumulation trading range for the second half of 2019 and is now pushing higher. There is major signs of strength (SoS) and the markup is set to continue.

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DRD Gold has attracted buyers attention. Good volume has quickly pushed price and after a pause at the end of 2019 it is again breaking higher. Waiting for a test of the breakout level to catch the markup higher.

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The JSE Resources Index has been steadily trending higher since 2016. After a pause at the end of 2019 it is again breaking higher. The break has come on low volume over the holiday season but could push higher quickly as volume returns to the market.

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Updating the previous post at the start of 2020 (see below) has not changed my evaluation that the JSE Industrial Stocks are being distributed. The relative strength to the Top 40 index is declining an we have seen some signs of weakness (SOW) and inability to rally. Will be watching the start of 2020 for the start of the markdown.

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Using the Satrix Fini as a proxy for the financial index we notice that we are at an important decision point. There has been a declining interest in buying the index. Buying volume in 2016, 2017 and 2018 has failed to push the index to new highs and in 2019 volume has been low. Price has reached the long term oversold trend line and a break lower could open...

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After some consolidation at the end of 2019 Gold and Gold Stocks with it are breaking higher and starting 2020 with a bang. Expecting a good markup. The relative strength verses the Top 40 is also looking at a good out performance.

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Adcock Ingram is being distributed by large players. After breaking the upward stride there has been a significant increase in volume with selling pressure. Price has backed up to the trading range and the markdown could begin.

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Mr Price has seen volume increase as buyers step in (see post below). After stopping volume there has been a break of the accumulation trading range (TR) with a major sign of strength (SOS). There has been a backup to the TR but could not break back into the range. Now watching for the markup phase to start with the break of the recent highs.

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It looks like Afrimat is being distributed. Following the Wyckoff logic, we have likely seen an upthrust of distribution (UTAD), a test to the UTAD and am now looking for the markdown in phase D. The distribution started after a throw over of the overbought line forming a buying climax (BC), automatic reaction (AR), secondary test (ST) in phase A. Some volume of...

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BID Corp has tested the breakout level at R320 and now is ready for the upward stride to continue. Some good volume indicates that the upwards stride could continue.

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Patiently following the distribution of Growthpoint (see posts below). Last week was a high volume down week indicating that the decline could gain momentum and break below the trading range (TR).

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Netcare has been struggling but is now showing signs of strength. After a strong breakout of a reaccumulation range, with increasing volume, we have seen a correction on declining volume. The stock looks like it might go and test the 2400 level.

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Following the upward stride of Bid Corp (see posts below) we have now seen a backup to the key breakout level at R320 which is also the oversold line of the upward stride. We can expect a continuation of the upward stride.

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After an accumulation phase (see posts below) Reinet is now being marked up. Price has now reached the oversold trendline of the upward stride and can be expected to take the next step higher.

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Using the STXIND as a proxy for the industrial index to get an indication of volume it looks like the industrial stocks on the JSE are being distributed. We have seen an upthrust and sign of weakness (SOW) with increased volume on the declines and no interest in the increases. Price has held below the 200 SMA and Yearly Pivot Point. We are now looking for a break...