Sasol short about to get stopped out - Ready for a swing longTrades don't always work out.
The trick is to prepare for not only the stop loss to be hit but also the counter action immediately afterwards at times.
So in this case, the false break below lead to a rounding bottom and following another higher rounding bottom
If it breaks above, we will be stopped but the next trade will be imminent for a long position.
This is how we do it as active or hyper traders :)
R207.16 - New target upside
Sasol
UPDATE: Sasol new upside in line to R242.67 target Since the last major update where we expected Sasol to reach a low of R112.00
Now the price has broken above the downtrend, we are seeing a more optimistic view.
And this is in the light that Brent Crude price is going up nicely along with a weaker US Dollar.
So, I am looking for upside for Sasol to around R242.67 now just to retest the resistance from the previous breakout.
Sasol showing upside to come with two patterns target R228.61There are two potential rising formations to come for Sasol.
Either Rev Cup and Handle or Inv Head and shoulders
We do need the confirmation though for upside to continue to come.
Moving averages yield a Medium Probability setup with
Price>20
Price<200
Oil is also confiriming a short to medium term rally which will help push up the price
Target R228.61
UPDATE: Sasol next target is more morbid to R83.96We've held onto the Sasol short and extended the take profit.
Purely based on the bigger picture on a weekly chart.
There's an even larger Inv Cup and Handle.
Price has broken below the Brim level and entered into a Down regression channel. By the looks of it, the price will tank down to R83,96.
The nature of the trade is HIGH probability as the Price<20 Price<200
Target R83.96
UPDATE: Sasol hit the target at R184.50 _WAIT!Rising Flag formed on Sasol, the price broke below.
And it was all downside from there.
We saw the price tank way past our target of R184.52 and then some.
Now I'm getting a lot of requests to what we should do.
Well personally I'm just waiting.
We need to be patient to wait for another consolidation and breakout. Just as every other market.
Trading needs patience. And a lot of it to spot the HIGH probability trades.
That helps get the excitement and emotions removed from the analyses...
The stock market doesn't have emotions, neither should we.
Calculated risks and rewards. It's all an auction of probabilities.
TAKE PROFIT REACHED: Sasol Price hit the R184.52 level-now what?Rising Flag formed on Sasol, the price broke below and beautifully it went down on a strong trajectory and declination. The price remained below the 200MA confirming the bear market for the company.
The price came down in a strong fashion takeing it to the first target of R184.52.
The oil price also coincided with the Sasol price having the downtrend dominate taking investors and trader out and shifting to shorts and sells.
The previous trend was down, and it was clear that the downside that came here was a DIstribution phase of the market environment...
SO where to from here?
Well, Down!
There is no indication of upside or slowing down. And when there is I'll let you know.
Sasol setting itself for great upside to R339.45W Formation is forming on Sasol.
We are seeing the downtrend slow down in momentum, and it looks like the price wants to break up and out of the down trend.
This is a bit premature for a breakout trader, but it's still good to watch and prepare for.
We have other indicators that still show downside (but potentially changing trend)
200<21<7 - Bearish
RSI <50
Target R339.45
Wait for breakout first then it's full steam ahead to the upside.
TARGET hit Sasol at R221.40 but still looking bad Inv Cup and Handle formed on Sasol and we knew once there was a break below the brim level, downside was to be followed
The other indicators via peripheral also confirmed it as 200 > 21> 7
RSI<50 (Lower highs)
Target hit was R221.40
Now the trend is still down, there aren't many strong levels of support (liquidity). So this means, we are still looking for shorts.
But will send out another trade idea when it lines up.
Sasol Inv Cup and Handle just made it bearish to R221.11Inv Cup and Handle formed on Sasol.
The price broken below the brim level.
The gap was filled when the price went back up to close and form the right handle.
Then the supply side kicked back in dropping it further.
We also see bearish indicators.
200 > 21> 7 - Bearish
RSI<50 (Lower highs) - Bearish
Target R221.11
ABOUT
Sasol is a global energy and chemicals company based in South Africa. It was founded in 1950 and was originally named the South African Coal, Oil and Gas Corporation.
The company is primarily focused on the production of synthetic fuels, chemicals, and gas. Sasol is one of the world's leading producers of synthetic fuels.
Sasol operates in more than 30 countries around the world and employs approximately 30,000 people.
The company is listed on the Johannesburg Stock Exchange and the New York Stock Exchange.
Sasol is one of the largest producers of low-emission transportation fuels in the world, including synthetic diesel, jet fuel, and naphtha.
In addition to its energy and chemicals operations, Sasol is involved in a number of other businesses, including mining, power generation, and technology.
Sasol pumping to R365.50Inverse Cup and Handle has formed on Sasol.
It's a rare Chart Pattern where an Inverse Head and Shoulders never formed the right shoulder
This means, the momentum to upside is strong and the price does not want to retrace back.
7>21 - Bullish
RSI >50 Bullish
Target R365.50
GENERAL INFO
Sasol (founded in 1950 in JHB) is a large South African multinational energy and chemical company which operates in more than 30 countries.
It is also one of the world's largest producers of synthetic fuel from coal and its main products include liquid fuels, chemicals, and low-carbon electricity.
The company is involved in the exploration, production, processing, and marketing of natural gas and oil.
Sasol is continuing to tank further to R225.43Bear Rectangle is forming on Sasol as it previous did a few months ago. There are bearish signals as the downtrend is continuing.
The 200 > 21 >7 MA which once the price breaks below R277.95 we will have our next target at R225.43.
This confirms with the ongoing drop in oil price...