Price for DRD is stretched, on the daily cycle price is seeking a cycle high before beginning descent. Looking at the weekly cycle, one might construe that the share is in a new weekly cycle although this can turn out to be week 29 of a continuation of a cycle that began on 28 September 2022. Week 29 coincidentally also features as a weekly high before price...
To get maximum gain in Bitcoin moves, we must turn to the Bitcoin mining companies for they yield leveraged moves to the upside or downside of Bitcoin. Hut 8 Mining is shown here with support and resistance with rejection at the 200DMA. Ideally we want to see price find support at lower trendline or if it breaks lower we seek for a swing low on a daily timeframe...
Bitcoin has been turned down at resistance, now moving into a daily cycle low, we can expect price to go lower than 24 April price before forming a swing low and closing above the resistance line. Much lower we can see the 200 DMA tracking the support of the broadening wedge, there is a low probability price will reach a cycle low there but with Bitcoin we trade...
ABG presents an interesting proposition, it last had a yearly cycle low in March 2020, current cycle is more than 1050 days, the longest on record. However there has not been a failed weekly cycle to cement a yearly low. Price has made an ascending triangle since March 2020. Bulls would be buying at support. We can watch for the following: - A break of support...
ABG is late in its cycle and is due for a weekly low. The share is up against resistance formed from the top formed on 22 November 2022 & just above is horizontal resistance formed around all-time high levels. The expectation is for the symmetrical triangle to break to the downside with short-term profit target 10-13%.
Shoprite $JSESHP has been in a downtrend on the weekly chart, if it breaks below R138 the next stop could be R128 where there is some support.
MNP is moving into a half cycle correction, the backtest of the 20 March low left behind a flat trendline depicted by the blue line. The pink trendline that is acting as resistance is the line that confirms a new weekly cycle, ideally we want current cycle to go below 20 March then turn upwards. The low of 26 September 2022 must hold so that the yearly cycle...
Gold seems to be moving in the wrong direction of the pennant from levels that would confirm the areas above $2000 as a triple top. Recently gold has managed to lure a lot of traders fueled by news of banks weakening. This narrative must remain for gold to be strong, if it turns out to be a bull trap, the rush for the exit will cause swift drop in price fueled by...
MTN is seeking a daily chart cycle low, the first out of a weekly low. This is a good point to buy if one missed the it.
ANH has formed a bullish flag below resistance from 2017 through 2019, it has good prospects of breaking to the upside. A good entry point is when a swing low forms on the daily time frame or when price closes above the blue trendline. A stop loss can be guided by price going below 24 November as this would indicate trend is gaining momentum to the downside.
AngloAmerican is moving into a daily cycle low, however the share is walking a tight rope defined by 20 December 2022 low, if price goes lower than this price (R640.17) then major trend becomes lower as price seeks out a weekly cycle low. The trendline support is nearby and could provide a bounce into the next daily cycle albeit with a short uptrend before turning...
BTI has price has gone below 11 November low, this represent failure of a daily cycle and price turning bearish. Not far from current low is 29 September low of R634.01, if this is breached the bearish extends to the weekly price action further confirmation of a bearish trend ensuing. For traders who were not short, the pink declining resistance line is a...
If history rhymes then British American Tobacco has broken out & did a back test of the trendline that has constricted it from April 2020 (see previous breakout & move in 2019). I would expect it to move up nicely & take partial profit 20-30% move, buy back on strategic pullbacks. An ambitious move would target 44% from breakout level.
A while back Sasol was posted as a short entry, however upon meeting stop-loss criteria the trade was no longer in play. The share price has been ranging since then. The bulls will likely throw in the the towel and should let price drift towards the orange circle from where Sasol becomes an attractive entry for a long position, ideally it must find support on the...
GFI has had a good run, now is the time to be considering taking all or most profits off the table. The share price is within the vicinity of a trendline that has led to rejection of further upside. The path is a sketch of expected price trajectory, the end of path does not denote place of ending price. Of interest is the pink upward trendline closing the gap from...
The JSE Top40 is looking weary, I am looking at this as a setting up of a topping formation for the weekly cycle for the following reasons: 1. RSI has begun falling, building negative divergence while price is still ranging in what appears to be some distribution. 2. In recent times, the Top40 has not managed above 20% distance from 200DMA, best being out of...
ANH price has rallied into a resistance that has restricted price from the lows. Ideally price should consolidate or move to target the support of the megaphone from which it must bounce upwards, by then RSI14 should be nearing oversold levels. This is a dip that can be bought for those who missed the early moves. However one must work with tighter stop losses...
Exxaro has recently met resistance at R238-240 level with a case for a double top. However price has the structure of a backtest (pull-back with decreasing bearish volume). Expectation is for price to resolve upwards and break above declining trendline resistance. Profit Target: +20% Stop-loss: R194