JSE:MTN | #WeGotU... down to R71.00?
OK, maybe I'm getting a bit ahead of myself.
However, let us consider the R108 level where price finds itself.
Price bounced off R108 in early 2016, late 2016 and mid-2017.
A year later, the bulls couldn't hold the level and down she tumbled.
Finally, more than 12 months later, we're back up against R108, now testing it from below.
And we don't know yet whether price will break through or not.
So how to trade this market?
A close below last weeks low would be good enough for me to look for the short...down to R71.00
Alternatively, a push higher and bounce off R108, turning resistance into support sets the bullish case.
However, let us consider the R108 level where price finds itself.
Price bounced off R108 in early 2016, late 2016 and mid-2017.
A year later, the bulls couldn't hold the level and down she tumbled.
Finally, more than 12 months later, we're back up against R108, now testing it from below.
And we don't know yet whether price will break through or not.
So how to trade this market?
A close below last weeks low would be good enough for me to look for the short...down to R71.00
Alternatively, a push higher and bounce off R108, turning resistance into support sets the bullish case.
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