$JSEKAP KAP Industrial Holdings. Cup and handleBullish looking formation forming on KAP. A 340 neckline break could open 440 and 500 targets. Keep an eye on the 340 level in coming days.
KAP trade ideas
KAP LongSummary on chart
Aggressive entry < 220
Conservative entry closer to 200 if it goes that low
STOP < 190
KAP *Extract from client research note 01-June-2020.
Volume has picked up since 20 May with higher lows being printed while the 211to 214c level is looking to be cleared. The last two sessions has seen the price close near the high of the day potentially suggesting the willingness of buyers to continue accumulating.
420 Kappa420 was resistance about 12 years ago. That's over 4200 daily candles ago. JK.
But we can try trade this. If we are able to pick some up a bit lower and 420 still holds we should be good to test the level it broke down from. There are many levels in-between, but I think the 800 area is destination.
It takes a while to identify which levels are important, I am still learning as well and charting here is great for that. I'm looking for reversal behavior off major levels.
#meme
JSE:KAP Kap Industrial MarkdownKap Industrials has undergone distribution and is now in the markdown phase. After a buying climax (BC) in April 2017 we have seen a distribution trading range (TR) and currently, it is in the markdown phase. There is high volume selling as large interests are getting rid of the stock on the way down.
Kap Industrial Holdings (KAP) - Buying The DipKap Industrial Holdings (KAP): The price has declined from 900c since the beginning of February and has formed a falling wedge/channel which has seen the price trade near horizontal support. Should we see sub-750 being tested, traders could use the opportunity to accumulate the share, for a potential 'buy-the-dip' and reversal.
Trade Levels
Buy KAP below 740c
Stop-loss: 715c
Take Profit Target: 820c
