End of week 5Apr19. When last did we see #Coronation in top overbought list? FTSE/JSE Allshare Top5 oversold/overbought according to 14day RSI indicator as follow:
Fortress B 22
Omnia 23
MIX Tel 25
Nampak 27
Afrox 28
Alex Forbes 77
Naspers 74
Coronation 73
Kumba 71
African Rainbow Min 69
Spending a bit of time on Kumba. Nice recovery that started in January 2016, which saw the company move from R24 to the R450 recent levels (yep, that is close to 1800% in 3 years). The share however find itself at heavily “overbought” levels now, with a possible pullback that could be aggressive if found on the wrong side.
If I was long in $JSEKIO, I would set my stop-loss at the 0.786 Fibonacci retracement support level at R418. A break through these levels could see the share most probably try and test the 50-day moving average at R376.40.
According to Thomson Reuters consensus forecasts, analysts got a SELL on the company and see possible downside of -34% in the share price (expected one year forward) – Target price of R292.78, which is also more or less at the current 200-day moving average.
Fortress B 22
Omnia 23
MIX Tel 25
Nampak 27
Afrox 28
Alex Forbes 77
Naspers 74
Coronation 73
Kumba 71
African Rainbow Min 69
Spending a bit of time on Kumba. Nice recovery that started in January 2016, which saw the company move from R24 to the R450 recent levels (yep, that is close to 1800% in 3 years). The share however find itself at heavily “overbought” levels now, with a possible pullback that could be aggressive if found on the wrong side.
If I was long in $JSEKIO, I would set my stop-loss at the 0.786 Fibonacci retracement support level at R418. A break through these levels could see the share most probably try and test the 50-day moving average at R376.40.
According to Thomson Reuters consensus forecasts, analysts got a SELL on the company and see possible downside of -34% in the share price (expected one year forward) – Target price of R292.78, which is also more or less at the current 200-day moving average.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.