ABG setupJSE:ABG went past the pivot point; the stock is currently within 5% of the pivot point. To chase or not to chase.
Trendtraderjse
Energy sector, bullish?AMEX:XLE is showing signs of strength on the weekly time frame. Most oil & gas companies have had a great run YTD, and the energy is sector is among the few green sectors YTD.
Netflix turning up?If there are enough buyers, NASDAQ:NFLX might close above the 200MA, after months of trading below this level.
Glencore new ATH?JSE:GLN is attempting to print a new all time high. The stock previously flirted with R106/share but never traded above this level. A close above R106 will be interesting.
Naspers' beautiful messJSE:PRX closed its gap & we anticipated that JSE:NPN might close its gap as well. The good news is that the gap has been closed, and another gap has been opened.
Should we blame HKEX:700 or Comrade Xi?
Sasol resistanceJSE:SOL struggled to move past the 50 MA, the stock in now back at the recent rally point. If JSE:SOL break below R280, R250 could be the next potential support level.
Standard BankJSE:SBK seem to have found support at the previously noted area of value. The bank also came with operational update, maybe that was a catalyst.
SAB Zenzele KabiliJSE:SZK just clocked a 52 week low. What went wrong? Probably FOMO, the IPO was R40/share. Nature is healing.
Prosus gap filledJSE:PRX has closed its June gap, JSE:NPN is yet to fill its gap. PRX is trading below key MAs, if there's no bounce here, it might go test the recent low at R710.
Thungela Resources approaching an area of valueJSE:TGA is approaching an area of value. The 200 MA is near R240/share, in case there's no support at this potential support level.
Grindrod Limited PullbackJSE:GND , following a good run, has pulled back to a rising, probably flattening, 30 MA.
Can play the dip, keeping in mind that most of the dips kept on dipping.
Stadio breakout?JSE:SDO is currently on the list of 52 week high and a potential breakout on the weekly timeframe. There's a noticeable heavy buying volume in the past few weeks, possible accumulation? Breakouts have been failing lately, anything can happen but this is a promising long setup.
Nampak ending the week below R2/shareFundamentals aside, there was a time where JSE:NPK had promising technicals. Bought the stock and it failed to move up, after months of waiting I had to pull the cord. With the benefit of hindsight, that was a good thing to do. The stock is closing the week below R2/share and on the list of 52 week low stocks.
CapitecJSE:CPI released results, good/bad/whatever, this week. The stock rallied a bit a day before the results, but the market hasn't been kind to JSE:CPI and other banks. Currently the stock is trading near R1560/share. R1530-ish once acted as an area of value, resistance turned support. Will the "support" level hold?
Sasol, short?TVC:UKOIL is still on the downtrend, and JSE:SOL seem to be following it. At the moment I wouldn't be surprised if JSE:SOL test R245/share.
InvestecJSE:INP JSE:INL had an incredible run in 2021. Like most stocks, it's experiencing challenges in 2022. The stock has been trending lower; above R75, it can find support. Below R74 things could be worse. Our charts show that the financial sector, and banks, is weak. Not hopefully that R75 will hold but the market will decide.
Shoprite, double top?Initially I was hoping that JSE:SHP was gonna break above the previous high of R246, it couldn't. It's been pulling back to the 30 wMA, and it's currently trading below it, not a good thing. Also, it seems like it has formed a double top, I may be seeing things, but a double top and price below the 30wMA is not a recipe for success (except shorting success).
JSE Top40JSE:J200 is back at the recent lows (58.6K-ish). Most stocks are weak, what are the odds that the Top40 can bounce here? Add the middle of nowhere low near 56K. Rough market.
PRX, closing the gap?JSE:NPN & JSE:PRX traded above the 200 dMA mid-June, bringing a glimpse of hope. A decent move it was for Naspers (the move resulted in a profitable position, in a tough market, sibonga noma yini) but Prosus is now below the level and there's a gap that might be filled. Naspers is still above the MA, but for how long?
PYPL continue with down trendNASDAQ:PYPL close below the 10 wMA negates the attempted recovery. Stock still trading below declining key MAs. We've seen other attempted recovery failures with stocks that traded near (or above for a while) the 200 dMA.
Capitec exhibit signs of weaknessJSE:CPI broke below R1900-ish last week. The stock continue to show signs of weakness, if the downward move persists, the next potential support level is near R1500/share. The financial sector is still under pressure with the other banks trending lower as well.
