Jse
JSE:NED Nedbank finally on the moveNedbank has taken some time but is finally on the move to R200. Financials are making a final push and Nedbank is one of the stronger banking stocks. Look for a final push into support likely to become resistance.
JSE:SATRIX FINI Don't Get Swept Up in the ExcitementLast week the JSE Financials were on the move but before jumping on the train a word of caution. If one looks back to 2015 we see a long distribution range that formed with investors getting out of South African financial stocks. The recent rise on the back of the covid drop is likely to only be a backup to this distribution range and not longer-term interest in the financials. Using SATRIX Fini as a proxy we see the volume has been declining since the upthrust (UT) that took place at the end of 2017 / beginning of 2018 highlighting the lack of interest. The relative strength to the Top40 is also declining. We are now spiking into the an area of previous high volume so it is rather time to watch and see what the reaction will be than just jumping in.
JSE:AGL Anglo American Time to Let it GoWe were looking at a markup in Anglo American - see post below - but with declining interest in the stock, divergence on the volume RSI and break of the 50 Day SMA I think this stock is ready for a pullback probably to R400.
JSE:TSG Tsogo Sun Gaming Breaking OutTsogo Sun showed a major sign of strength (MSoS) in June 2020. We are now breaking the highs of that push with a significant bar on some volume. This opens some upside potential with the next major resistance level at around R20. Using the significant bar and yearly pivot point as stop loss (SL) gives a great risk-reward trade.
JSE:ABG ABSA Looking for Buying ClimaxWatching ABSA's recovery from the covid lows - see posts blow from December - back to a previous resistance level around R150 we are now seeing the last push into this level. I will be watching for a buying climax (BC) on volume to get out.
JSE:COH Curro Significant BarToday there was a significant bar in Curro Holdings with volume. A spring-like action from the yearly pivot point also forms a backup to the breakout of the accumulation trading range. Now we are expecting a quick markup to around R16. This confirms the previous evaluation provided in the post below.
Barloworld short if trendline brokenJSE:BAW is showing downward momentum based on the stochastic, MACD and EMA's that have just crossed. However, it has been trending upwards since the 26th of March and I will wait for a convincing breakout through the upward trendline before considering a short. If this breaks, we could be looking at a move down towards at least the lows formed at the beginning of the upward trend.
OLD MUTUAL #OMU Ready preparing to break?After teasing with a break to the upside Ood Mutual (JSE:OMU) has remained within the medium term pennant, and is currently wedged between the 50MDA and 200MDA. A dialy close above or below either one of the two could confirm the direction of a break. With BV/S at 14.23 the bets is on for an upside break, target the Feb high with stops below 12.00, or 11.60
J200 Analysis With all the tension happening in the US stock markets it could have a severe impact on South African markets as well. This is an analysis of the JSE TOP 40. If inflation goes up enough in American markets the federal reserve could take actions to raise interest rates, meaning higher rates reduce stock valuations because why? They weaken the present value of future cash flow of companies traded. And as we all know the US market effects all markets.
Disclaimer: This is not investment advice just a light warning and please invest with caution!
Best of luck.
SASOL Limited Daily Timeframe AnalysisNot sure what the market is doing right now, but if I had some shares, I would hold.
JSE:TKG Telkom MarkupTelkom is another stock starting to be marked up. Again the March 2020 lows were the trigger for the CO to start buying. Telkom has not made lower lows since then. There was a major sign of strength (SOS) from May to July 2020. Now we have seen a backup (BU) to a last point of support (LPS) and previous resistance. After a significant bar today we are looking for a break above recent highs and the markup to gain some momentum.
JSE:GFI Gold Fields Time to Look at Gold Stocks AgainAfter a significant pullback in gold stocks, there are some good signs of strength with Gold Fields one of the strongest and above its yearly pivot point. On the pullback, buyers stepped in below R150 of GFI. Price has pushed out of the trading range formed after the pullback with some significant bars. Other gold stocks are showing similar signs. With these signs, it is now a good time to look for good entry levels on a pullback to the accumulation trading range on a number of stocks. For Gold Fields, this is also the yearly pivot point.
JSE:SDO Stadio Holdings Rather Late than NeverStadio Holdings has been on a downward trend but with the Covid drop, something changed. The trading range indicated lots of buying with no spring and only higher highs at the last points of supply (LPS). The backup (BU) to the trading range was also very shallow. Now the price is already in the markup phase. However, there is still strength in the chart with an upsloping accumulation trading range in the markup. The next level of resistance is at R4 so there is still some potential from the current levels and given the current strength could indicate that even that resistance could be broken for a longer timeframe trade.
JSE:DGH Time for a RestAfter starting to follow Distell early in December 2020 the stock has made good progress from R100 - see posts below following the progress. However, last week there was a high volume spike above R140 pushing it back below this level. This could indicate a time for the stock to form a trading range with some profit-taking holding price back. We will have to watch how this plays out to see if it is an accumulation trading range.
JSE:CFR Richemont Markup Set to ContinueThis month, I looked at Richemont as an investment stock to follow during the mark-up on a weekly chart - see post below. At the time I felt a pullback to R120 was possible but looking at price action last week it looks like the stock could already be ready to mark up further. In the smaller trading range on the daily timeframe, we have seen a spike in buying with volume below R146. A clean break of R148 could quickly push us higher.
JSE:BLU Blue Label Telecoms Still Grinding Its Way HigherIt has taken some patience but Blue Label seems to be ready for the next push higher. Seeing the buying in November 2020 - see posts showing progression below - we expected a substantial increase. After reaching an area of historic resistance and pullback to R4 we are now again ready to push higher.
