JSE:ANH back below the previous resistance level. The previous long trade idea is now invalidated; our stop was hit few weeks ago at break-even. Might be a good setup for a short position targeting R800 (a worse case scenario for the stock).
JSE:WHL broke below another distribution level. Overall, JSE retailers are under pressure for various reasons; load-shedding and some justt poor managemenent decisions. How low can it go? Note that JSE:CLS and JSE:MRP are also weak.
It obviously depends on how far you zoom out and how you draw the trendlines. However, the chart doesn't paint a good picture for JSE:SSW Buyers are needed to step up and save the stock. No position.
JSE:IMP is at a multi-year area of value. This is supposed to be a support level, I wonder how long can it hold. If it fails the stock will have a rough ride. No position.
NASDAQ:TSLA could be onto something. An upward move confirmation will be a close above $211-ish. I saw a tweet saying that Model Y was their best-selling car in Q1 '23 but this is irrelevant to the technical setup.
I've been waiting for NYSE:BABA to crack on the upside and the stock has consistently disappointed. Maybe a downward move is all that is needed now.
JSE:SYG4IR is one this week's 52-week high. That's a wide base, and the ETF is at an area of value. It may be worthwhile to consider this ETF.
JSE:TGA has been on a downtrend and breaking below potential support levels. The stock fell ex divi, and it's now hovering near an area of value. Without support at this level, the downward movement will continue. R120?
The JSE:STXIND is on the verge of printing a new all-time high. The ETF itself can be bought, one can also consider looking at the ETF holdings to check if the holdings are also at or moving towards buy zones. Tree in the forest approach.
Given the sector's weakness, it's no surprise that JSE:CPI chose the downside. The FX:USDZAR , US regional banks, load-shedding, political uncertainty (South Africa is a political stable country but we choose to entertain the politicised media), add whatever excuse you want but the banks are weak.
JSE:DSY is few Rands away, ~R7, to give all the YTD gains. Hectic, but did you see the JSE:SBK chart? JSE:STXFIN is also moving lower, at a quick pace. The sector is under pressure.
JSE:PPH new 52-week low after slicing below the distribution level at R17-ish. Retailers can't seem to catch a break these days. Steinhoff or load shedding?
JSE:MTN at an area of value. Besides the potential support level, the stock has been trading "bearishly". Not expecting the support to hold, and that recent rally seems to have been a bearish flag. Technically, I wouldn't be surprised if JSE:MTN breaks below this level. But the market is full of surprises. No position.
I had previously anticipated that JSE:INP could break below the resistance level. The stock is moving in the opposite direction, invalidating the previous short idea. A long trade can be initiated here, although it would've been ideal to buy near the breakout level, targeting the recent highs.
JSE:CPI seems to have topped in April 2022 and has been moving downwards since then. The stock enjoyed support near R1600 twice, the recent rally came to a halt as the price reached the trend line. Also, JSE:CPI is trading below declining moving averages; waiting to see how long the R1600 - R1500 level is going to hold. Other banks are either declining or...
JSE:INP consolidating above a barely existing support level. The stock is trading below a (declining)150 dMA, the support level may not hold for that long. Based on this, JSE:INP is setting up for a short trade.
JSE:PPE just released unaudited results; the stock took a bit of (continuous) hammering. Previously, we anticipated R1.10 as the potential support level, the stock is currently trading at that level. Technically, it's a zone to pay attention to, in anticipation of a breakdown or for buyers to step up and push the price up. This week, it'll be a combination of the...
JSE:BHG failure to trade above R606, for now, and the potential lower high at R560 means that the stock is bearish for now. R520 potential support level can still save JSE:BHG , otherwise the stock will continue to trade lower. R520 is a level of interest for short/long.