SPAR breaking previous highsJSE:SPP has, with today's movement, broken through highs that it has struggled with three times in the recent past. If it closes above thes levels and confirms a higher high, we could be looking at a nice upward move.
ZAR
GFI bouncing off trend lineJSE:GFI is bouncing off of a trend line that it has tested a couple of times in the past. The stochastic is confirming the turn around, and if the price action confirms with today's close, I will enter a long position.
APN - Possible gap close coming upTraders don't like gaps in the price and there has been a large gap in JSE:APN since March this year.
The price ha finally reached the top of the candle that caused the gap, and if it confirms a break above the spike, I wouldn't be surprised if it goes all the way up and closes the gap. Let's wait and see what happens.
AGL - trend line breachedJSE:AGL has broken through an upward trend line and is looking like a reversal is imminent. The stochastic is also showing a signal for a short position.
If confirmed, I will enter a short position.
Ascending Triangle on PSGAn ascending triangle has formed on PSG. This is a neutral chart pattern and all depends on which direction the breakout occurs.
I will keep an eye on this and when a breakout convincingly occurs I will trade in that direction.
MONDI at ResistanceJSE:MNP has reached quite a significant resistance zone and we could possibly see a turnaround for a short position. The stochastic looks like it might be turning too which is a further signal.
If it doesnt break thorugh this level and confirms, I will consider a short position.
REM broken out of channelJSE:REM has been trading in a downward channel for quite some time and has just broken out of the channel in an upward direction. It has also broken through a fractal level and is looking good for a long position.
Old Mutual - Double bottomJSE:OMU has formed a double bottom. If it confirms through the current level, I will consider a small long position.
Bullish Engulfing on MTNA bullish Engulfing has formed on JSE:MTN . This means that it is possibly going to reverse into an upward direction.
Descending Triangle on GrowthpointJSE:GRT is showing a descending triangle pattern which is a neutral candle pattern. Depending on the breakout, we could be looking at a move in either direction. Keep an eye on this one for when it breaks out.
Possible ReversalJSE:GFI has reached a previous resistance level and we could possibly see a reversal at this point if it doesnt b reak through and form a higher high.
As always, I will wait for confirmation before jumping in.
EURZAR Sell SignalPattern: 1M Channel Down.
Signal: Bearish as the price is near the inner Higher Low trend line.
Target 16.3000.
Bidvest - Bearish engulfingJSE:BVT has formed a bearish engulfing candle pattern and is looking good for a short if it breaks the fractal level.
Since I alerted a short a week or two ago on BVT it has gone up but is still looking good for a short which is being confirmed by the stochastic.
Bullish Gartley Eur/ZarI was watching this move yesterday on the EUR ZAR pair.
Formed a very nice bullish gartley that is playing out perfect
T1: Smashed at 16.25
T2: 16.60
T3: 16.83
Will asses as we go along!
Trade safe guys!
Possible trend reversal on CapitecJSE:CPI is looking like it might be reversing trend at the moment. It is struggling at resistance level and has formed what looks like a double top. As always, I will wait for confirmation before entering short.
INP possible downward momentumAn engulfing candle pattern has formed on JSE:INP . It is looking good for a downward move.
Stochastic has also confirmed the momentum.
Bearish Engulfing on FirstrandA bearish engulfing chart pattern formed on JSE:FSR which is often a top reversal signal. The stochastic has also turned downwards which further confirms the signal.
I will however wait until it breaks through the fractal level from the 21st of October before entering short, as it isn't the most convincing of engulfing candles as the top of the two candle bodies is exactly the same level.
USDZAR ShortSell USDZAR. spot ref 14.6773
Stop 14.8070
Take Profit 13.83
The trade is longer-term but risk reward is good.
Please be patient and disciplined. Best of luck.
Nedbank - Harami at ResistanceJSE:NED has formed a bearish harami at a strong resistance level which it has failed to breach. It is looking good for a short position with the stochastic confirming. If it breaks through yesterday's low, I will enter a short position.
SHP breakoutJSE:SHP has broken out of a symmetrical triangle and if it confirms above the high of yesterday, I will consider entering a long position.
RMH triangle breakoutJSE:RMH formed a symmetrical triangle pattern which it broke out of and closed with yesterday's move. Chances are, it will continue to move upwards after the breakout. If it confirms above the fractal level, I will enter long.
SANLAM at strong resistanceJSE:SLM has reached quite a strong resistance zone at around the 8200 level. It seems to be struggling to break through which is also being confirmed by the stochastic.
I will enter short if it is confirmed.
