GLN short if it breaks through supportThe MACD and Stochastic indicators on JSE:GLN are both signaling a downward move. However, it is currently trading around a support level (+-5800) and I will be inclined to wait for it to break through that level before entering short. If it does play out, we could see a move to at least the support level of around 4900.
Jsetop40
EXX going shortJSE:EXX is showing signs of a potential short trade coming up. The first signs came with the stochastic and MACD crossing downwards, and it has been confirmed by the downward cross of the 3 and 15 EMA's.
I see it potentially moving down to around the 15000 support level, where it may retrace before potentially continuing downwards. Let's see what happens.
JSE T0P40I initially predicted a 17% decline on JSE TOP40, the move is well in motion. See link below
South Africa has had one of the worse lockdowns in response to covid19 and it resulted in a reported decline of 51% in GDP. The unemployment numbers and number of business bankrupted are not yet publicly available. South Africa also increased its USD debt during this crisis and in a lot of ways money meant for economic recovery was lost to corruption. During this period there's also been increases in social grants and introduction of new ones despite the decrease in production.
When more of the data becomes available i think the stock market will keep falling further, though i doubt new lows could be made, but i am very convinced the we could see prices falling to a range of about 34,000 - 35,000.
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Good Luck!!!
$JSE-APNJSE:APN
Publishing results after close today. There are small head and shoulders in place with moving averages getting red.
On the other hand it is holding very well today with all selling on our markets.
What is interesting all market action is contained in daily bar on 19 March 2019 and very bad results published.
$JSE-ASRJSE:ASR
Made inverted cup and handle pattern in down trend.
Conformation will be close bellow 21500 with target 13000/16000 zone with projected target for pattern around 14500.
$JSE-NTCJSE:NTC
Made inverted head and shoulders last year that confirmed with target around 2230.
Unfortunately for bulls it never pick up momentum and continue trading sideways.
On Friday it opened around neckline that acted as support. It could be good long with SL close bellow neckline and target still around 2230/2250
$JSE-HARJSE:HAR
Posting weekly chart since patter is way to big for daily.
Made sideways consolidation over last 5-6 months with top of it been tested on Friday. Break above will bring more upside.
What I wanted to point is big cup pattern that is still developing.
If it plays out potential target is around R10000