Possible short on CAPITECJSE:CPI formed a dark cloud cover candle pattern a few days back which is a possible reversal signal. The MACD and the Stochastic both seem to be on their way down as well which could serve as confirmation for a downward move. I will wait for it to break the previous support level and then consider a short position.
CPI trade ideas
Capitec breakout JSE:CPI
The price broke out of the range on the 30th of September 2020 and confirmed closing above R1024. The price close above both the 200 Week and day EMA. target is that R1319 previous minor support. Will be monitoring price action if/when the price gets closer to that level. The split from PSG group is important to note. It will possibly trigger some significant buying into Capitec as it gets up weighted in the indices its in.
The week's plan; villagetrader.co.za
capitec analysis on this chart we have a triangle pattern..which was broken at first and the market failed to stay above the resistance which signified a false breakout... my plan: go to the 1 h chart and wait for the market to break below the trendline...alternatively for investors : wait for the market to test the lower end of the pattern
JSE:CPI Capitec Now Ready to Test the Lows?I was previously looking for a test of the lows (See link to the previous post). It has taken some time to resolve but after a break of the support, the move is now ready to occur. There has been negative divergence on the volume RSI and CPI has been weaker than the market.