End of week 26Apr19. Another great week for #Coronation & #Naspers. FTSE/JSE All Share Top5 oversold/overbought according to 14day RSI indicator as follow:
Oversold:
Rebosis Property 30
South32 32
ArcelorMittal 33
Intu Properties 36
Hosken Consolidated Investments 36
Overbought:
Coronation 81
Blue Label Telecoms 78
Santam 73
Transaction Capital 72
Super Group 72
Spending some time on South32. This is not a share I’m currently personally holding & still fundamentally prefer other Mining Houses in this sector. The share is however making a very interesting formation and as mentioned, is highly oversold according to its 14-day RSI. The 2-year strong momentum still seem to be intact, while Thomson Reuters consensus (according to all analyst forecasts) have a R38.94 (14.5% upside) target price on S32.
For short-term traders who are considering a long position in South32, could possibly watch R32.25 as a possible entry point. I would set my stop-loss to last year Novembers levels of R30.40.
On the upside, resistance could be found at the 200-day (R36.25) and then the 50-day (R37.60) moving averages, with the top of the Pennant pattern (at R38.50) being a strong resistance point. Last mentioned will also be my ultimate target price.
Oversold:
Rebosis Property 30
South32 32
ArcelorMittal 33
Intu Properties 36
Hosken Consolidated Investments 36
Overbought:
Coronation 81
Blue Label Telecoms 78
Santam 73
Transaction Capital 72
Super Group 72
Spending some time on South32. This is not a share I’m currently personally holding & still fundamentally prefer other Mining Houses in this sector. The share is however making a very interesting formation and as mentioned, is highly oversold according to its 14-day RSI. The 2-year strong momentum still seem to be intact, while Thomson Reuters consensus (according to all analyst forecasts) have a R38.94 (14.5% upside) target price on S32.
For short-term traders who are considering a long position in South32, could possibly watch R32.25 as a possible entry point. I would set my stop-loss to last year Novembers levels of R30.40.
On the upside, resistance could be found at the 200-day (R36.25) and then the 50-day (R37.60) moving averages, with the top of the Pennant pattern (at R38.50) being a strong resistance point. Last mentioned will also be my ultimate target price.
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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.
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.