Santam triangle broken above - Looks good to R406.22Symmetrical Triangle has formed on Santam and it looks like the uptrend wants to continue.
We have a strong high Probability Trade lineup with the Price>20 and 200MA'
First target at R406.22
Santam
Santam poised for great upside to R334.48!Not my favourite market to trade due to the high volatile nature.
But the analysis has shown, upside is likely to come.
The price is above both 20/200SMA and it's formed a Cup and Handle pattern.
Conservative traders might wait for the retrace and bounce before getting it.
Aggressive traders would already be in it.
BUt the target for Santam will be around R334.48.
Santam showing strong upside to R345 but with a warningSantam large Cup and Handle formed, broke above the brim and now is going to test the support.
This will provide a conservative entry if we get a bounce back up.
7>21>200 - Bullish
RSI>50
Target R345.37
The warning is that it's been moving in sideways range for over a year, and it often peaks then drops and continues.
As the JSE ALSI is in a bear market at the moment (on smaller time frames) might delay the upside.
But the system says go long.
ABOUT
Santam is a South African short-term insurance company founded in 1918, making it one of the oldest insurance companies in the country.
Santam is headquartered in Cape Town, South Africa, and operates throughout the country, as well as in Namibia, Botswana, and Zimbabwe.
Santam provides a wide range of insurance products, including car, home, business, and personal insurance.
Santam is a subsidiary of Sanlam Limited, a leading financial services company in South Africa.
Santam is the largest short-term insurer in South Africa, with a market share of around 22%.
Santam moving averages looking goodHourly, daily & weekly moving averages looking good for this short term insurer.
SANTAM ShortPrice has retested the breaklevel and targeting R265 (head & shoulders pattern and 200ma weekly level) . A close above the daily 200ma will be warning of a possible comeback by the bulls.
