Hello traders, Apologies, been under the weather the past few days, but now I’m back! Today’s chart update will be on APHA – APHRIA Inc – Canadian MJ. Which has been in a brutal down trend, but there are signs of a possible reversal… Points to consider, - Trend Bearish - Support at $3.90 Region (double bottom) - Price testing resistance - Stochastics...
Netcare has been struggling but is now showing signs of strength. After a strong breakout of a reaccumulation range, with increasing volume, we have seen a correction on declining volume. The stock looks like it might go and test the 2400 level.
Following the upward stride of Bid Corp (see posts below) we have now seen a backup to the key breakout level at R320 which is also the oversold line of the upward stride. We can expect a continuation of the upward stride.
After an accumulation phase (see posts below) Reinet is now being marked up. Price has now reached the oversold trendline of the upward stride and can be expected to take the next step higher.
Using the STXIND as a proxy for the industrial index to get an indication of volume it looks like the industrial stocks on the JSE are being distributed. We have seen an upthrust and sign of weakness (SOW) with increased volume on the declines and no interest in the increases. Price has held below the 200 SMA and Yearly Pivot Point. We are now looking for a break...
After distribution and markdown, we have seen climax volume as buyers are stepping in. Price has now broken the downward trend it looks like the price could be breaking higher.
Anglo American has been trading in a well defined upward trend (see posts below). After testing the oversold line there has been a good advance and the recent highs are being tested. A break of the highs should see a test of the top of the trendline.
Tiger Brands have is in the process of being marked down (See posts below) in a series of redistribution stepping stone. The latest redistribution trading range (TR) has seen a change of character in Phase D and I am now expecting the TR to be broken. Some consolidation at the breakout level can be expected but after that the next step down is expected.
Following the markdown of Redefine Properties (See posts below), we have seen a smaller redistribution trading range (TR). There have been signs of weakness (SOW) with volume increasing on the highs pushing price lower. After an upthrust (UT) and Test, we are seeing price being marked down. This could just be the start of the further markdown.
In a previous post (See link below) the theory that PSG is being distributed by the large investors was put forward. We are now seeking the start of the markdown in Phase E of the distribution and there is likely to be more downside to come.
After a good markup phase, Discovery has undergone distribution. After a breakout of the distribution trading range (TR) price has backed up (BU) to the TR and is now pushing lower which could be the start of the markdown phase. Volume has declined on the BU and divergence with the volume RSI indicates a continuation of the decline.
Tiger Brands has traded in a redistribution trading range (TR) and after breaking the TR it has attempted to break back into the TR but was unable to so. We have now seen signs of weakness (sow) which followed no demand on the increase. The previous attempt to rise with volume (effort) showed little response indicating that sellers are in control. After some...
After distribution, Sappi was being marked down. However, we are seeing very high volume that has been increasing and this week the highest volume was recorded. In spite of this high volume, the price has been trading in a very narrow range around the key R40 level. It seems that large interest buyers have stepped in and a break of the narrow trading range could...
Using AZV indicator with Profile Analysis BINANCE:BTCUSDT Buy signal: (Bounce back ) ( Breakout ) AZV Sell signal : AZV - NO of bars = 5 & Multiplier = 2 AZV Signal type = Open Target AZV indicator Link :
After breaking the distribution trading range (TR) we have seen a backup to the TR and now price is breaking lower. This looks like the start of the Phase E markdown. Increased volume on declines and decreased volume on attempts to rally indicates supply overcoming demand and large interests distributing the stock.
There has been an effort to push price higher without response. The effort is seen in negative divergence on the volume RSI and in the volume. I previously interpreted (See post below) this as buying pressure but the lack of response is pointing to supply being dominant. The markdown is set to begin.
JSE has been following a declining trend in a series of stepping stone redistributions. We have again had a test of the previous breakout level and the downtrend is set to continue. There is significant volume on down bars and divergence with the volume RSI.
Nedbank has been testing key support that has become resistance at 25000 and it held. With little buying interest price is now pushing lower.