JSE:TON Action on TongaatPreviously the R5 level has been important (See posts below). Buyers have slowly been accumulating stock just above this level and it seems to have held. This morning some more aggressive buying is taking place and price is on the move. We can expect a test of the previous highs and possibly the markup to continue after some re-accumulation.
TON
JSE:TON Tongaat Hulette Buying below R5Tongaat has been having their troubles but someone is buying aggressively below R5. We have seen a volume spike on the selling climax and now again on a spring from the lows. After a very week backup attempt to the downward sloping trading range, we could see some rally back to the upper boundary of the downward sloping stride. Buying weak stocks in a weak market is high risk but it seems someone is interested in Tongaat.
FRED Trucking Tonnage Index (QUANDL:FRED/TRUCKD11)Notice the long periods of high correlation between tonnage trucked and the major indexes (spx500 shown here)
Another set of FRED data that I think many are unaware of, so I thought I would bring it to their attention.
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Much love and manage your own risk
GL HF
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snoop