Falling Wedge formed on Old Mutual and the price broke up and out of the pattern.
Since then it's been going to our first target of R12.61.
It is still on course.
Last few weeks, OMU has formed a W Formation (another breakout pattern). Once the price breaks this one, the next target could be as high as R13.38.
Other indicators confirm upside to...
After the break of the trading range (TR), we have had a backup (BU) with some extra effort but the price could not break back into the TR. After waiting some time for the BU to complete (see post below) the markdown phase E is beginning.
The backup level has been tested again in Old Mutual. It seems that the markdown that we have been waiting for (see post below) could be set to start now.
After a sharp drop, Old Mutual has been undergoing redistribution. We have now seen all the Wyckoff Phases and a backup (BU) after the breakout to the trading range (TR). So base on the Wyckoff theory the markdown in Phase E is set to start. Watch for a strong downward trend. I had previously analysed this as an accumulation range (see posts below) because it...
Old Mutual has been in a TR after a big drop in October 2018. We had a spring on high volume and now a test on lower volume indicating that supply has dried up. Looking for the markup in phase D to the top of the TR range. After a consolidation at the top of the TR, I will be watching for a breakout and phase E to start.
JSE:OMU
Trading in well defined range from October last year.
News on Friday about CEO been fired pushed stock out of the range but it quickly recovered and closed inside range.
So far not much to be done. Wait for break of the range.
After a sharp decline with a Selling Climax (SC) Old Mutual has been ranging. Now after some low volume accumulation price has pulled back to the bottom of the trading range also on low volume. The spring off of support has been on good volume and after a test, we can expect a mark up in the Trading Range (TR) in Phase D to the top of the TR. We can then look for...
