JSE:SOL Sasol Mark-up Continuing
Updated
Starting a new post for October to track the structure of SOL (See link below for Septembers post). Last month it looked like the markup had started and trading in a strong upward channel. At the end of the month the lower support line seemed to have broken. However, there has been effort to break the trend without response (high down volume but no progress in price). This effort is also seen in the negative divergence of price with the OBV. The 50 SMA seems to be a level of interest for buyers. If the 50 SMA is broken there could be more downside back to the accumulation range. If it holds and we could see a further markup to levels around 61800 and possibly even breaking the previous high at 65200.
Note
Price has closed below the 50 Day SMA. However, volume has declined. The supply pressure has dried up. Now we need to see if demand is going to step in. Demand in the JSE has also declined so there are limited number of buyers. We could be looking at pullback to the previous trading range on low demand.Note
Note
SOL is acting very weekly. With some volume SOL has declined and could not find support at the top of the TR. SOL has now broken back into the trading range which is very week. Could see further declines.
Related publications
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.