See link below for previous analysis. Vodacom continued its sell-off and has reached the price target of 9070, the March 2020 low. There is no evidence yet of any reversal so i will sit on my hands. I will monitor price action at this level for a potential double bottom reversal.
See link below for previous analysis. Kumba failed to rally on after the breakout and has sold-off aggressively invalidating the bullish outlook. I will sit on my hands on monitor price action at the support trendline.
See link below for previous analysis. I am now convinced in the breakout due to 1-Increase in volume after breakout. 2-Clear price continuation above the resistance trendline. Buy the dips.
See link below for previous analysis. Merafe has broken above the critical 146 neckline and looks likely to close the week above it. This confirms the double bottom pattern and the price target 200cps. Price can still reverse back below 146 but the bullish outlook is invalidated below 104 cps.
See link below for previous analysis. Tiger Brands has traded as forecasted. Wave (iii) was ignited by the CEO stepping down and the momentum was sustained with very small pullbacks. Wave (iv) has unfolded as a flat pattern and wave (v) is underway with the invalidation level now raised to 18930. Wave (v) is always risky as it is hard to forecast how it will...
See link below for previous analysis. I have updated my preferred wave count and it has significant implications. The new count shows the decline from 33519 to 11079 as a complete zig zag pattern. Wave (A) is a impulse with distinguishable five waves. Wave (C) is also an impulse though more simple in structure. I am looking at the advance from 11079 to 22166...
See link below for previous analysis. The triangle outlook has been invalidated but prices has continued upwards as forecasted but with much reduced momentum compared to wave . The support trendline is firmly intact but price action has been very choppy from 5370. It is likely that the stock is forming an ending diagonal for wave . I am always cautious when a...
First Rand has been consolidating since making a new all time high in March 2022. The consolidation pattern seems to be unfolding as a contracting triangle. Triangles are tricky as they can breakout on either side or evolve into a more complex pattern. I will remain neutral and wait for price action to lead the way.
See link below for previous update. Nothing much has changed, price still contained in what looks like a contracting triangle. I remain neutral as to the direction of the breakout so I will sit on my hands for now.
See link below for previous analysis. Omnia stock has held up steady after breaking out of the falling wedge. The MACD has a double convergence signal which is bullish and the MACD has held up above the zero line much longer than the previous two instances when it was above zero. 5186 is the invalidation level and buy the dips is the strategy above 5186
See link below for previous analysis. I am updating wave 5 to an ending diagonal aka rising wedge. Price can still make new highs but MACD/price divergence is a clear sign that upward momentum is waning. I am still bullish to neutral as I am forecasting two more waves to complete the ending diagonal.
See link below for previous analysis The stock has made a minor breakout from the upper resistance trendline and is currently using it as support. I am not convinced by this breakout due to: 1-Low volume breakout 2-Weak price momentum after breakout It's still early days but I will sit on my hands under I get more bullish evidence.
See link below for previous analysis. After prolonged sideways movement, price broke below 9230 invalidating the triangle outlook. This has prompted me to label the advance from 7920 to 12433 as wave (5). A look at the bigger picture fits an impulse as the five wave advance from 2254 to 12433 for wave . I am looking at the current pullback as wave and...
See link below for previous analysis. MTN stock had a strong rally from 8700 to 11800 and as per the previous analysis, it turned out to be a dead cat bounce as price has broken below 8700. I have changed the triangle wave count slightly {previously have wave E of (B) terminating at 14289} which gives a new perspective for the decline from 14299. The decline...
See link below for previous analysis. *Prices updated to post-share split adjusted prices. Price traded much lower and invalidated the triangle outlook. The overall wave count for Prosus and Naspers is still tricky but I am still counting the advance as a zig zag. I will maintain a bullish stance above 48240 and buy the dips.
See link below for previous update. After a 19 month sideways consolidation, which I had labelled as a wave 4 triangle, the bulls came out of nowhere and took price beyond the 33900 zone, which was key resistance, to around 37000 cps. This swift move from October invalidated the entire five wave impulse outlook from the all time high at 43005. The technical...
See link below for previous analysis. Barloworld released a voluntary trading update for the first four months of FY'24 yesterday. Salient points: -5% reduction in group revenue due to reduced sales volumes in some businesses, following a slowdown in the mining sector, continued geopolitical conflicts and reduction in consumer demand in its consumer industries...
See link for previous analysis. Afrimat used to be a one-way steam train but the stock has lost its momentum since peaking at an all time high in April of 2022. A 43% bear market saw the stock decline from 7647 to 4366 cps. What we have seen from the 4366 low is a sequence of higher highs and higher lows with strong overlaps in the price swings. From an Elliott...