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ALSI

ALSI

SANLAM finding support on the 200 moving average.JSE:SLM broke the downward trend that it was trading in since July 2020 when it formed higher highs in early November 2020. Since then, it has been consolidating and has found significant support on the 200 Moving Average. I will wait for a breakout of the consolidation zone, and if it breaks through the 6000 level, I will consider a long position.

Long

Updated

Downward momentum on Sibanye JSE:SSW is showing signs of downward momentum. The stochastic and MACD has crossed down and the 2 EMA's have crossed. It is also busy breaking through a strong support level at around 5800. If it breaks through convincingly with today's price action, I will consider a short position. Beware of a possible gap close of the gap formed 2 days ago. It may go up and close this gap before continuing downward.

Short

Updated

EXX showing some downward momentum After a nice upward move all the way from late November, JSE:EXX is now showing some strong downward momentum and we could possibly look at a short position. The three main momentum indicators we use, the MACD, Stochastic and EMA's are all confirming this momentum.

Short

Updated

Potential small down move for AMS A bearish engulfing candle has formed on JSE:AMS and we are seeing some nice downward momentum. We could possibly see a small downward move to around the 140000 level of support.

Short

Updated

Clicks moving back up to the top of the channel?After a nice move towards the bottom of the channel, JSE:CLS has bounced off of the bottom again and looks like it may be heading to another test of the top of the channel. It has been bouncing around in this channel since July 2020.

Long

Old Mutual - Upward Continuation?JSE:OMU broke the significant resistance level of 1350 yesterday, which it has ben struggling with since about April 2020. It is showing some nice bullish momentum and I think we can possibly be looking at a move up to around the 1650 level and possibly beyond in the longer term.

Long

Clicks - possible retracement to bottom of channel Although JSE:CLS is trending in an upward direction, it is also trading in a parallel channel. It bounced off of the top of the channel and seems to be retracing. For the moment, I think it is possible that it will retrace down to the bottom of the channel before turning up again. The bottom of the channel also coincides with a strong support and the psychological level of 25000

Short

Updated

Shooting Star on Prosus JSE:PRX has been trading in somewhat of a channel since April 2020. Two day's a go it broke out of the channel and looked like it would continue up, but instead formed a shooting star pattern. Yesterday and today are showing strong downward momentum. We could see a move towards the bottom of the channel or to the support level at around 150000.

Short

Possible down on Aspen?From a purely technical analysis viewpoint, JSE:APN seems to be struggling to break higher at the resistance level around 15000. If it fails to break higher and goes down to below 14000, I will consider entering a short. A break above 15000 might mean a continuation of the up trend. We might need a bit of patience on this one.

Short

Trend Reversal on Kumba JSE:KIO has broken an upward trend and it looks like a reversal could be happening. Stochastic and MACD are confirming with their downwards cross. We could see a move downwards to either the 56000 or 48000 support levels.

Short

Possible short for AGL coming soon.Following a stochastic, MACD and EMA momentum strategy, AGL is showing two of the three confirmations for a short, if it trades lower today and the EMA's cross, I will take this as confirmation to enter a short position.

Short

BTI Triple Top JSE:BTI is struggling to break through a strong resistance level and has formed a triple top pattern. We could possible see a downward move from here.

Short

QLT - Dark Cloud Cover at a Resistance Level A dark cloud cover pattern has formed on JSE:QLT . This is a bearish reversal pattern and if it trades lower than the open of today, it could be looking good for a short position down to the 200MA or further down to around the 2750 level.

Short

DSY - Bounce off strong resistance JSE:DSY has revently bounced off of a strong resistance level that dates back all the way to 2015. If it continues down and breaks below the low formed on the 7th of Jan 2021, I will consider a short position based off of the downward momentum. The stochastic, MACD and the 2 EMA's are all showing signs of a downward move.

Short

HARMONY Downward Channel JSE:HAR is in a downward channel and in the last few days has bounced off of the top of the channel again forming a lower high. If it fails to break through the top of the channel, we could see a continuation downwards towards the bottom of the channel to around the 5000 support level.

Short

APN - "Buy-Box" Breakout JSE:APN has been consolidating in a sideways move for 2 months and with this morning's upward move, it has broken out of the "buy-box" very convincingly and we could see a nice upward move up to the previous high resistance from mid June 2020. It could also be seen as a horizontal bull flag pattern emerging.

Long

GLN - Broken through consolidation area JSE:GLN has been trading in a somewhat sideways consolidation area since 3 December and with yesterday's large upward candle it has broken through the top as well as the 5000 level - this level is a strong level on the daily as well as the monthly chart and acts as a strong psychological level due to the round number. I think we could see a nice upward move from here possibly to at least around the resistance level between 5400 and 5500.

Long

Updated

Possible reversal on Goldfields JSE:GFI has bounced off of a support level and looks like a upward move is a possibility. The stochastic and MACD are confirming this momentum. If the price moves up above the 15000 level I will consider a long position. Beware that it might find some resistance on the 200SMA, so if it breaks through that, it further confirms the move.

Long

SBK - gaining downward momentum JSE:SBK has broken through an upward trendline that it has been obeying since end of October. Today's price action is showing some strong downward momentum. The stochastic and the MACD have also crossed downwards, confirming the signal for a short position.

Short

BID - potential loss of upward momentum JSE:BID is bouncing off a strong resistance level and is struggling to break higher. If it trades lower than 27000, I will consider a short position as the stochastic and the MACD are showing signs of a momentum change. If it trades lower, the two EMA's will also have crossed downwards signaling a momentum change.

Short

Cup & Handle on MTN A Cup and Handle pattern has formed on JSE:MTN . The Cup with Handle is a bullish continuation pattern and as its name implies, there are two parts to the pattern: the cup and the handle. The cup forms after an advance and looks like a bowl or rounding bottom. As the cup is completed, a trading range develops on the right-hand side and the handle is formed. A subsequent breakout from the handle's trading range signals a continuation of the prior advance. I will look to enter long if it breaks above the high of 11 Nov with a optimistic target at the resistance around the 8800 level.

Long

Bearish engulfing candle at resistance.After a few doji candles, JSE:MTN has developed a bearish engulfing candle at a resistance level. This is the sign of a possible reversal. I will keep an eye on this and if it breaks lower, I will consider a short position taking it all the way to either the 200SMA or the support level at around 5500.

Short

Updated

SOL - Break above resistance could mean upward move A small inverted head & shoulders pattern has formed on JSE:SOL in the recent past, but it is yet to make any significant upward move because of it. It came up and tested a strong resistance level on the 10th of Nov and then retraced back down. If it comes up again and breaks through that resistance line convincingly, I will consider entering a long position.

Long

Updated

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