Truworths has been marking down from a previous trading range at about R75. We are now seeing some accumulation that could be the start of a back-up back to that trading range. We have seen signs of strength throughout this accumulation. After the selling climax, we saw signs of strength (SOS) taking price above the automatic rally (AR) and then being unable to...
With Prosus shareholding in Naspers it is following the trend down (See post below) and we are now looking for a markdown to occur. We are looking for a markdown to below R1200.
Naspers is looking like it is completing a distribution trading range in spite of a strong market. After a push higher in November increased selling volume provided a major sign of weakness (SOW). After a poor attempt to rise it is now had a high volume significant selling bar. This could indicate a large concern is completing its sale of the stock into the...
It is an unusual time of year to see this type of volume in the market but it seems 2020 is an unusual year. A number of stocks are showing some volume pushing the price. Old mutual has had two relatively high volume days at the end of last week pushing price higher from a lower volume back up (BU) to a last point of support (LPS). There has been a sign of...
Banking stocks have been in recovery since the covid lows and there are a number of opportunities in the back up (BU) to the previous support become resistance levels going into 2021. ABSA has been in an accumulation range since the lows and broken out and backed up to the range. The BU has been weak showing some strength. We are now looking for a break of 12000...
This is an odd time of year to look for any significant move but we just may have a last gasp attempt in some bank stocks to back up to previous support become resistance. After the covid drop, we have seen some accumulation in Standard Bank. Now after a sign of strength (SOS) in November we have seen a back up (BU) to the accumulation range that was formed. The...
We have seen a significant bar with ease of movement breaking out of the Back-up (BU) to the trading range. We previously detailed the accumulation range in the post presented in the link below. This bar could indicate that the accumulation process is now complete and the mark-up can progress.
It is not a great time to buy during the mark-up, better to wait for the reaccumulation range to form, but the buying volume observed in April is now playing out. When all the other stocks were having a selling climax in March we observed that there was significant buying pressure on Tongaat (See posts below). After some more high volume, we are now seeing a...
Multichoice has been strong. After a reaccumulation range and spring, we can expect the mark-up to continue.
Distell has formed a typical Wyckoff Accumulation Trading Range. After the Selling Climax (SC), Automatic Rally (AR) and Secondary Test (ST) in Phase A we saw a lower volume adsorption volume in Phase B and then a Last Point of Support (LPS). Now there has been a change in character with Signs of Strength (SOS) seen by the increase in volume and ease of movement...
Blue Label has formed an accumulation base (See the previous post below), broken out had a shallow pullback and is now ready for the markup. We are looking for a target of R5 and then possibly R8 giving some potential upside.
Aspen has been trading in a downward trend on the weekly timeframe (see post below). After a backup, it has shown signs of strength. After a shallow pullback and some volume returning it could be ready to do the final leg to the overbought line of the downward trend.
Following the bounce from the oversold line in March (See posts below) with a target of R1200. We have taken two reaccumulation steps after a shallow pullback to the latest reaccumulation range we are now ready to for a push to the R1200 target. This is also the yearly pivot point and the overbought line.
Life Healthcare has tested the overbought line. There is now a high volume rejection and the downtrend can be expected to continue. This is confirmed by negative divergence in the volume RSI and a downward trending relative strength to the Top40.
Bidvest tried to push above the previous resistance at R175 but failed on lower volume. This indicates an upthrust (UT) after distribution and opens the path for the markdown in Phase D to start. We are now looking for a break below the bottom of the trading range at R130 to open the path for a markdown in Phase E to even lower prices.
Blue Label Telecoms has been having a torrid time of it but we may have turned the corner and ready for a markup. BLU has been ranging from September 2019 but now there are signs of strength (SOS). After breaking above the yearly pivot point divergence in the volume RSI and increase in volume on the way up. The Relative Strength has also turned and is stronger...
Hyprop has had a torrid time and dropped to below the 1500 level. After forming a base there are volume signs of strength (SOS) with higher highs forming Last Points of Support (LPS) with volume increasing when pushing higher en decreasing on pullbacks. The Relative Strength has turned the corner and there is divergence on the volume RSI. After breaking the 200SMA...
After the selling climax in March, we have potentially seen an accumulation trading range that is ready to break and start the markup. Price is wedged between the 50 and 200SMA and contracting. There is a negative divergence in the Volume RSI. The Relative Strength to the Top40 is showing an increase and is above the 55SMA. There is volume in the up moves and...