Looking for higher highs on BVTJSE:BVT seems to be heading for a break through the high from the 16th of July. If it breaks through this high we could be looking at a move up towards the resistance level at 21000.
ZAR
ABSA on its way upJSE:ABG has broken through a descending resistance and has confirmed the break with yesterday's action. If it breaks through the fractal from the 12th of July's candle, it could mean an upward move.
VOD Long if breaks through fractalJSE:VOD is looking good for a long position if it breaks through and confirms on the fractal.
Engulfing & Resistance Breakout on SLMJSE:SLM has broken through a descending resistance with an engulfing candle. Opportunity for a long if it confirms by breaking through fractal level.
Hammer & Bullish Engulfing on SBKJSE:SBK is showing a hammer followed by a bullish engulfing. If it breaks through the fractal level from the 11th of July, a long position could be on the cards.
MND - Bullish Engulfing at supportJSE:MND is showing a bullish engulfing at support. This is confirmed by the breakout and close above the descending resistance. Looking good for a long if it confirms above Monday's high.
FSR Long possibilityJSE:FSR broke through a descending resistance and could possibly be ready for a long position. Once it closes and confirms above the breakout candle, you can consider a long.
DSY Bullish reversal possibilityJSE:DSY formed a bullish engulfing pattern at a support level, but is yet to confirm. If it breaks and closes above the level of the engulfing candle, it could possibly go long.
Large Correction For More UpsideUSDZAR is currently forming a larger correction that I initially anticipated. This means that the correction that I had looked at before as being a 3 wave correction, was actually only wave 1 of the larger correction. Looking at the current setup, I expect price to break the low of wave one, market with the red line, before there is a reversal to the upside. I will be looking to enter the long when a reversal confirms but may look for smaller trades to the downside in the interim as well.
Happy trading!
Linton White
JP Markets
South Africa
USD ZARWe see a head and shoulder developing on a USDZAR daily chart, we anticipating for a small buy before the big drop, see the targets on the chart.
Short Setup on USD/ZAR by ThinkingAntsOkMain items we see on the chart:
a) Price has broken a Wedge formation
b) After the break out, the price formed a pennant pattern
c) Pennant patterns are considered continuation structures
d) If the price breaks down the pennant pattern we will use Fibonacci retracement levels, to define our TP1 and TP2
Based on the previous items, if price breaks down below 14.18 we expect a continuation of the bearish movement towards first Fibo “1.272” and then to the second Fibo level “1.618” at 13.75500
Daily vision:
#USDZARResistance and support are specified
The time range is specified
The price is stuck between resistance and support
Be very careful about your movements;
The probability of completing the pattern is to drop
USD ZAR SELL (US DOLLAR - SOUTH AFRICAN RAND)Hi there. Price is forming a continuation pattern to the downside. Wait for the price to complete the pattern and watch strong price action for sell.
ABG out of sideways consolidationJSE:ABG has broken out of the sideways consolidation that it has been trading in. It has also broken through a fractal and is looking good for a long position.
SHP breaks out of symmetrical triangleJSE:SHP has broken out and confirmed on a symmetrical triangle pattern. It has also broken above a fractal. This is a good sign for a long position.
Anglogold Evening Star PatternJSE:ANG has formed an evening star pattern which is a top reversal signal. I will wait for it to break below the 18th of June's candle.
After a preceding up trend, 2nd real body must be above the 1st and 3rd candle bodies. The 3rd candle must close below 50% of the 1st real green body. Colour of the small 2nd real body doesnt matter.
OMU Multiple Signals for LongJSE:OMU has broken through a fractal and is continuing upwards with strong momentum.
Along with this, the stochastic and the MACD have both turned up and the EMA's are crossing which are all signals to go long on our trend-following momentum strategy.
NPN ShortJSE:NPN has formed a bearish harami and has broken through an ascending support level. I will enter this short if it breaches the fractal that formed on the candle of the 13th of June.
