Fortress Has been consolidating since a selling climax in March 2018 (See previous post). This consolidation looks to be an accumulation TR. We have seen a high volume spring and a test in phase C following the Wyckoff principles. I am now watching for a jump across the creek in Phase D (jump across the 200 day MA).
I have been following the accumulation range of Alexander Forbes (See post below). Price has consolidated at the top of the TR, which is also the yearly pivot point. It has pushed above with some high volume selling pressure but remained above the TR (See the negative divergence with the volume RSI and volume spike). In spite of the week market conditions it still...
Following on from last weeks post the market has formed a top and broke out of the short distribution range formed at the highs. Due to the short TR we need to be conservative with the targets.
Netcare has shown high volume during a small redistribution trading range. Some buying has taken place but supply has overcome the demand. There is still supply but no demand indicated by the low volume. Price is continuing to be marked down.
I have been following the distribution of Sappi since November 2018 (See post and updates below). Currently, the markdown is actively playing out and following an established downward stride. We have had a small redistribution area but the price is again pushing lower.
It seems there is some buying in Libstar indicated by high volume days pushing the price higher at the oversold line. There is also negative divergence with the volume RSI and a well established upward stride.
Last week high volume pre-warned the decline that has started (see post link below). This indicates a good time to look for shorts.
Grindrod has been in a TR since 2016 but after an upthrust and major sign of weakness there has been a backup to the TR in phase D and the markdown is now gathering momentum.
FFB seems to have undergone accumulation since March of 2018 and high volume today could indicate a markup in #D could start. The accumulation is noted by the low volatility low volume range. Today we have seen a high volume spring in the larger and smaller trading range (TR) that has formed.
Attacq has undergone distribution and broke to the downside. After a Backup (BU) to the distribution TR we can now expect the Markdown in Phase E to start. The Volume RSI during the recent BU is showing divergence.
Last week there was some high volume (effort) but with no progress in price (response). This indicates that some selling is taking place. After breaking the channel there has been a low volume pullback. Now after a retest, there is some volume and now I am expecting a decline in the next week.
Invicta has been undergoing distribution. After a break to the downside on signs of weakness (SoW), we have seen a backup (BU) to the TR. Now we are waiting for the markdown to continue.
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LHC has been in a downtrend since the end of 2014. After reaching the oversold line the stock has been in a Trading Range (TR). It has now reached the overbought line with a high volume rejection. Will watch for the downward stride to continue.
After breaking the upward stride and going overbought Capitec is now consolidating. It is busy breaking back into the trend channel. After a buying climax (BC), automatic reaction (AR) and secondary test (ST) in phase A we now have seen an upthrust (UT) in phase B. This is showing some strength but was on low volume and divergence with the volume RSI. Now to watch...
After showing signs of strength (SoS) (see the previous post) the tide seems to have turned and we are seeing some signs of weakness (SoW). Volatility has increased to the downside. The smaller TR that has formed at the top of the larger TR is also showing an increase in volatility indicating distribution. With the rally in gold, the rally in harmony has been poor...
The Top40 has had a great run since the start of the year. On the way up there were two occasions when institutional supply entered the market (seen by the high volume) but was unable to stop the advance. Now the market has reached the highs were previous institutional supply occurred. However, the volume has declined in the leadup to the elections. Trading volume...
Today closing already broke 50% support line ($9.68) and the next support line will be $8.60 ( 0.618) Might need 5 to 10 trading days to see if this will be the bottom at this time.No hurry to long.