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JSE:SHP is trading at a resistance level and if it breaks through, I would consider a long position based on the breakout of the longer term down trend, but if it bounces off, I will go short for a shorter term trade.
But I will wait to see what happens first, before I make a decision.
JSE:NPN has shown a dark cloud cover, which often signifies a trend reversal, so I will enter short.
However, it has been in a very strong uptrend for a while, so I will trade with caution in case it continues upward.
JSE:MTN is on the verge of breaking through an ascending triangle pattern. If it breaks through convincingly, I will enter a long position with the target around the level of the close of the gap from August last year.
JSE:BVT is trading in a sideways channel and has been since mid-November last year. It has reached the top of the channel and will most likely bounce on the resistance and continue downwards. I will enter a short around the 21600 level if it goes down.
Our target level will be the bottom of the channel around the 19000 level, which is also a significant level...
JSE:AMS has reached a resistance level just above the 83000 level. It reached this high on the 22nd of March bu then retraced all the way down to the 72000 level.
Before this, the last time it reached these levels was in April 2010.
My thoughts are that it is going to retrace downwards again and I am looking for a move back down to the 72000 level. If it does...
JSE:LHC has just broken out of a ascending triangle that it has been forming since mid November last year. Because of this I have entered a long position.
An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trendline to be drawn along the...
JSE:BVT has formed a "open/close above stomach" pattern which is a strong reversal signal.
It works as follows: After preceding downtrend, the second candle opens and closes above 50% of the long red body.
Along with today's upward movement, we can expect it to reach our target at the next resistance level
JSE:MTN has been trading in a sideways channel since late September 2018. It has now broken out of this channel, having moved up strongly the last few trading days. It is ready for a long position, and the target is the gap close.
Also bear in mind that it could possibly retrace back to the support level and bounce before it goes further up.
JSE:TBS has been trading in a sideways channel since early November last year.
It is currently at the bottom of the channel and seems to be bouncing off.
We are aiming for the resistance level at the top of the channel.
JSE:SLM is in a short term downward trend at the moment and has retraced perfectly to the 61.8 Fib level.
It has started to turn down again and could be heading for the 161.8 level which happens to be a major support level from the past
I have entered a long position on JSE:RDF as it had formed a bullish harami on Friday which often signifies a reversal. It traded higher this morning and triggered my order.
Aiming for the significant resistance zone around the 1050 area.