Following Tongaat off the base that was formed - see posts below - the stock has made slow progress with sharp rises followed by drawn-out pullbacks. However, volume remains high and the stock is being accumulated. Now after a test of the yearly pivot point, we can again expect the stock to make further progress in its rise.
As with Naspers Prosus has made me wait after observing some weakness in the stock. However, change of character on a significant reversal bar after a failed test is likely confirming that the up sloping trading range is a distribution range and we could see the start of the markdown process starting.
I started to look at the signs of weakness in Naspers in December - see post below - but after a good rally in January I thought that I may have read things incorrectly. However, now after an upthrust action and failed test of the highs on lower volume, we have seen a significant reversal bar. The size of the daily bar is larger than any bar for some time. This...
After some consolidation that started in April 2019, there has been a spring, break out of the trading range, backup and now the markup phase. After a pullback, the stock is again being pushed higher to likely new highs.
Sibanye has been showing signs of strength (SoS) and has now broken to new highs. After some consolidation since August, there has been a breakout and backup to that accumulation trading range. Now we have broken above the highs and looking for a push higher.
As for the other banking stocks, Standard Bank is looking to markup. The strength has been clear since December - see post link below. The pullbacks have been shallow and volume increases on up moves have shown buying interest. Now it is time to finalise the expected move back to R160.
Following the strength in Nedbank and, financial stocks since November 2020 we are now seeing the markup phase starting. Nedbank has show strength as the trading range has resolved. The markup should take us back to the previous breakout levels.
The signs of strength (SoS) shown in December - see posts below - has taken some time but is now playing out. We are now looking for the markup back to previous support that should be resistance. The backup attempt after the breakout was shallow and shows strength. This week should see some action in financial stocks.
The Financial Index of the JSE has shown some strength and this week it is time for the mark up back to the Support that is now likely to be resistance and test the area between 1400 and 1600.
After a long downtrend, we have seen an accumulation trading range starting in April 2020. After a change in character after a last point of support (LPS) in October, we have seen some volume and a markup start. Now after a backup that was unable to make much progress. We have now seen a significant bar with some volume and the expectation is for the markup to continue.
After the signs of strength at the end of last year - See post below - Distell is now actively being marked up with high volume.
Equites Property Fund has been weak. After breaking the trading range and backing up to the breakdown it is now likely to be time for the markdown.
PPC has been showing abnormally high volumes since May 2020 as it was forming a bottom. Now after finalising the accumulation volume has increased even more pushing price higher and I am expecting a markup to start possibly reaching as high as R5 before reaching the next important decision point.
Old Mutual had high volume days last year that alerted us to some pending action - see posts below. Yesterday there was again some volume indicating the buyers are back from holiday and ready to continue the markup with some space to move.
Following the signs of strength (SOS) observed in December 2020 - see post below - we have now seen a significant bar breaking out from the back up (BU) to the previous trading range. The markup is now set to get going.
Just before the holiday break, we could see some interest in Truworths - See post link below. Now early in the year, we can see this buying pressure starting the markup with signs of strength - relative large up bar with high volume for this time of year. Will be looking for a push back to R60 - R80.
After the recovery from the Covid lows, the JSE has been underperforming the S&P500. However, since the start of the year, the JSE has been outperforming it. However, the low holiday volume should be taken into account. However, the start of the year could indicate where the JSE is at.
Starting 2021 we find that the recovery from the Covid lows is still in progress. After a pullback and low formed in October 2020 we are seeing another push higher. Resources are again showing the most strength with a nearly 40% rise. However, financials are also recovering well at this stage but industrials are lagging. Over the holiday period, we have seen a...