Clicks downward momentumJSE:CLS has reached a level of resistance and is showing some downward momentum. The stochastic and MACD has both crossed downwards and the 2 EMA's have confirmed this momentum. I will look to go short if it trades lower.
ALSI
OMU Bouncing of 200SMA with downward momentumJSE:OMU has found some resistance at the 200 Moving Average and could be heading for a downward move. The stochastic and the MACD are both starting to confirm this downward momentum.
AGL - Double TopA double top has formed on JSE:AGL . I'll keep an eye on this for one for a break below 43000. If it confirms, we could be looking at a downward move for a short position.
CFR - Struggling at ResistanceJSE:CFR seems to be struggling at a resistance level that it has traded at in August 2018 and November 2017. If it doesn't break through this level and creates lower lows, we can possibly be looking at a short position with a target at the gap from 5 November.
VODACOM - Break below support could mean a short move.A large Head & Shoulders has formed on JSE:VOD at quite a significant support level. If it breaks through the neckline which falls on the support level, we could see a move downwards towards the lows from mid-March.
SHP - Heading for gap closeApart from the double top that has formed, a massive bearish engulfing candle appeared yesterday with very strong downward momentum. If it continues down lower than the low of yesterday's engulfing, I will consider a short position with a target at the close of the gap from the 8th of September.
BID bounce off of resistanceJSE:BID has had some good bullish momentum for the month of November so far, but when it reached the significant resistance level around 28100 it failed to break higher and is showing signs of a turnaround for a downward move. If it breaks through the 200 SMA and confirms by a break below the lows of 10 Nov, I will consider entering a short position.
Massive H&S Pattern on ANGJSE:ANG has formed a massive Head and Shoulders chart pattern starting all the way back in April 2020. The right shoulder is not very big in relation to the left shoulder, and the uptrend leading up to the formation wasn't extremely significant, so I wouldn't be surprised if it doesn't make it all the way to it's target but I think we could definitely see a downward move to the previous significant support level at around 30000 if it breaks through the neckline and confirms the pattern.
If it breaks through the support level at 30000, we could possibly see a move down to the target, but I feel that is quite unlikely.
ABSA - Finding resistance at top of channelJSE:ABG has been trading in an upward channel since July and it seems to have found some resistance at the top of the channel. If it trades lower and fails to break through the top, I will consider a small short towards the bottom of the channel.
REMGRO - possible upward move to fill gap if it breaks outJSE:REM has been trading in a consolidation since July. It is currently around the top of the consolidation area and is showing some signs of upward momentum. If it breaks out through the top, we could see a bit of an upward move - possibly even going up high enough to fill the gap from the 3rd of June. I am waiting for a confirmation of an upward breakout before considering entering.
MTN Bouncing off supportJSE:MTN is looking good for a long position if it breaks higher than yesterday's price action. The stochastic as well as the MACD are both showing buy signals. I'm going to wait for confirmation above yesterday's levels before entering long.
Falling wedge breakout on GoldfieldsJSE:GFI has formed a falling wedge pattern and has broken out of the top 3 days ago. If it continues up, I will consider a long.
Possible down coming for Multichoice GroupJSE:MCG has been on a great bull run since mid-September but it looks like it might be turning down soon. It is currently consolidating at a previous resistance level. If it breaks lower out of the triangle pattern it is currently in, I will consider short.
Discovery H&SA Head and Shoulders pattern has formed on JSE:DSY and we could be seeing a nice downward move all the way to the support level at the 10200 if level if it confirms a break through the neckline of the pattern.
DSY upward after H&S patternJSE:DSY seems to be on its way up after the down move of the Head & Shoulders pattern. It didnt quite reach the target, but instead found resistance on the 200 moving average. If it continues through the neckline upwards and uses it as support, I will go long.
BHP upward moveThe Head & Shoulders that was alerted a few weeks ago played out quite nicely, but didn't quite reach it's target. At it's bottom, it formed a bullish engulfing candle pattern which is an upward move signal. The stochastic and MACD are confirming an up, so if it breaks today's high, I will enter long.
BHP - Head & ShouldersJSE:BHP has formed a Head and Shoulders pattern and has broken through the neckline on its way downwards. If the pattern plays out, we could see a move down to the target at around the 28900 level
QUILTER possibly on the riseJSE:QLT is showing signs of an upward move. There was a massive engulfing candle a few days ago and the stochastic and MACD are confirming upward momentum. If it break higher and the EMA's cross, I will consider a long position.
SANLAM on the way upJSE:SLM seems to be heading up from the lows it reached at the end of October. The stochastic, MACD and exponential moving averages are all confirming this move on our trend-following momentum strategy.
MNP - Heading back into channelI recently posted an idea for a short on JSE:MNP and it went in our favour for a few days, but didn't last long. In the meantime, it has formed a bullish engulfing candle and has retraced all the way to the bottom of the channel again. It may find some resistance before entering the channel again but if it breaks through, we could see an upward move towards the top of the channel.
Kumba - Double BottomJSE:KIO has formed a double bottom with the last couple of days' movement. A doji formed on the 29th of October followed by a hammer candle which can be both seen as reversal signs. The double bottom, candle patterns, MACD and stochastic are all pointing upwards, so I will consider a long position if it trades higher.
NPN - Triangle breakout within parallel channelJSE:NPN has broken out of the bottom of a triangle pattern, moving in a downward direction. Along with this, it has been trading within a parallel channel since mid-July and it has bounced off the top of the channel which could serve as confirmation for a short position. If it continues with this downward momentum, I will enter short with a target at the bottom of the channel.
MNP - out of upward trendJSE:MNP has broken out through the bottom of an upward channel that it has been trading in since the end of April. My expectation in a previous idea is that it would bounce off the bottom of the channel and return upwards, but it has, in fact, broken through and is on its way down. It is currently on a support level and if it breaks through, I will consider a short position.
