DRD Gold was looking very bullish when it broke out from the bull flag.. unfortunately this proved to be a fake out when to touched around 18.50 and then pulled back. Relooking at the stock now, we see that it is back in the range and potentially targeting horizontal support around 14.80. The new range now appears to be 14.80 - 18.50 and traders can look to try...
Bidvest pulled back quite sharply after publishing results and has bounced off what looks like support around 230 - 235 area. I would look for long here with a stop loss on a close below 226 and a TP to the upside of around 254.00 initially. Some feel the share price has possibly overreacted to the results, which could add conviction to the long idea.
Gold price bounced off the 1810 area which was previous swing lows and as a result, formed a nice area of support going forward. We are a mere $16 from previous highs as of this morning, and will be interesting to see of 2070 will again prove to be resistance - or do we break out to new highs?
In a previous post, it was highlighted that Sasol was approaching a buy zone, with a stop loss below 220. Unfortunately, the trade went against us and stop loss has been triggered. There is some minor support at around 212 now, with next major level around 185. Staying away from this stock in the short term as it has been trading poorly last few sessions. Will...
BABA was sold off quite aggressively after results and is once again trading at the bottom of its recent range.
The levels that need to hold are 77.38 and then 74.00. Previous swing lows are all the way lower at 57.60.
Upside target is still the top of the sideways channel, 121.00
Sasol has been trading in a sideways pattern ranging between 226 - 270. Currently approaching the bottom end of the range and hence a buy zone. SL on a close below 220 and upside target of 270 as swing trade idea.
MTN hovering around 90 which is another important level of support. Facing a couple of challenges, like MTN Nigeria and the Israeli war, the price has some work to do. Possibly oversold in the short term, we could see a relief rally from this 90's area, or the price could stabilise and consolidate. Potential upside target is 109 and should the stock weaken...
The index has been taking some punishment recently but as we can see, a bullish bull flag seems to be on the cards. The critical level I think (which would also be my stop loss) is horizontal support at 13 723 - which might even coincide with the bottom of the range from this flag going forward. Ideally, we would like to see this pattern play out, with a break to...
Following on from a previous post: Impala did not manage to move higher from its oversold levels and, at one point, staged a promising bounce after temporarily breaching 90 to the downside.
Currently, the price has still failed to break its downtrend and as a result, the almost once doubtful level of 70 is now within sight!
Levels to look out for on the downside...
After moving upwards from around 130, MKR is now trading in a range between 168.50 and 190.00.
This looks like a bullish continuation pattern and should we see a breakout to the upside, potential targets are 220 and 230. Failure would be a close below 164.00.
The platinum counters have been hard hit and Sibanye has broken multiple levels to the downside. Significantly, TL1 and TL2 were both broken with no real relevant support to help stabilise the fall in price. However, we see on the graph that there was a gap which has now been filled around 25.75 and we hope this provides some relief. Alternatively, 22 could be the...
Potential bull flag currently being formed on DRD. Ideally, would like to see horizontal support at around 15.80 as being the price from which share price bounces as the range low - and from there, we hopefully see the bullish pattern play out. TP to the upside would be 25.42 and stop loss probably on a close below 14.50.
Comcast has been rejected at overhead resistance around 47.26 with a gap to fill lower down at 43.47. Further targets to the downside are 34.20 and 30.17. Should the price continue higher, previous swing high of 61.79 would be level to look out for.
Citi looks interesting - there is horizontal support around 40.60 and price is also testing upper range of downward channel. Should we get a break to the upside, initial TP would be 48.50 - 48.90 - next level of initial resistance. Stop loss on a long from here would be a close below 38.70. As always, wait for confirmation of breakout before entering any long position.
BABA is currently on support (blue TL) and is coiling in a triangle. One can look to go long as long as support holds with the idea of holding on for a breakout to the upside. First target would be around 103 (resistance) where the price could possibly pullback to retest breakout - then move higher to 122. Stop loss on a break below blue TL or around 85.
AMD is forming a bullish continuation pattern. After breaking its downtrend (yellow) is peaked at around 133 and then started consolidating without yet backtesting its breakout. Currently, we see a bullish formation with the price testing the upper band. We will either see a further breakout from here or, the price could retest the bottom of the range - around...
HYP has broken out of a triangle and has also cleared horizontal resistance around 32.80
With interest rates stalling and, hopefully falling, these counters should do well again.
Ideally, we would like to see HYP target the yellow band higher up from here (36+)