Naspers possible reversalJSE:NPN has broken through an ascending support level with a bearish engulfing candle. Looks like a downward move will happen if it is confirmed by today's price action.
NPN trade ideas
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.
Naspers long on Trend Following Momentum StrategyJSE:NPN has triggered a long position on our trend-following momentum strategy. Be cautious with this one, as it has been going up for quite a while and might be due for a retracement soon.
NPN - Bears arriving?Looking at NASPERS, we may derive the following from the Daily chart:
1. Price is at the 61.8 retracement level.
2. The candles over the past two days were both bearish, despite having entered back into the daily trend.
3. We are at a backtest of the daily trend - since this is retracement wave.
4. Should we come back down, then the target is the weekly zone (for now).
4. As always - maintain your risk management.
Let's see what happens.
Note: The views provided herein do not constitute financial advice.
NPN Resistance BreakoutJSE:NPN has broken through a descending resistance level. I will wait for confirmation on todays price action before entering a long.
NASPERS (NPN) DAILY TIMEFRAME SHORT The stock price is moving in a series of impulses and corrections , as it nears the ascending trendline. Possible targets are around the 271 330, which represents the bottom of the bear flag pattern. The price has already broken through the bear flag pattern and is moving closer to the target area.
The Mighty NaspersPivot open in this range or higher shows some more consolidation Looking at buying dips on this one
Keep an eye on volume want to see selling volume dry up
NPN Possible Trend ReversalJSE:NPN has shown a dark cloud cover, which often signifies a trend reversal, so I will enter short.
However, it has been in a very strong uptrend for a while, so I will trade with caution in case it continues upward.
Long Top5 oversold/overbought according to RSI & $JSENPNEnd of week 12Apr19. Another great week for #Coronation & #Naspers. FTSE/JSE Allshare Top5 oversold/overbought according to 14day RSI indicator as follow:
Oversold:
Afrox 22
Sun Intl 28
WBHO 30
Nampak 33
Capco 34
Overbought:
Coronation 81
Naspers 76
Kumba 72
MultiChoice 71
Santam 71
Spending a bit of time on Naspers. What a great year $JSENPN (YTD performance of 28% and 29.6% in USD) and for good reasons. First the unbundling of JSE:MCG (also in top5 overbought RSI list) and then the announcement of the separate Euronext Amsterdam listing of their internet interests (including HKEX:700 ) outside of South Africa including its companies and investments in the online classifieds, food delivery, payments, retail, travel, education, and social and internet platforms sectors, among others.
One should just bear in mind that it’s been a great year in general for internet stocks, with US internet stocks growing 23% in USD YTD ( AMEX:FDN ) & Chinese internet stocks up 31% ( AMEX:KWEB ). The big question therefore is: “have we possibly done too much…too quickly?”
Naspers currently is trading extremely overbought according to its 14 day RSI. This is also the 3rd time since March 2018 where the share price found proper resistance at R3600, which in both 2 previous cases was followed by a strong pullback. Should we see a similar price movement, first resistance levels could be R3520, with a breakthrough these levels most probably eyeing a test of R3430. My next level to watch will then be set to the 50 day moving average at R3200, which is also the 0.5 Fibonacci retracement support level.
Should the trend remain the bull’s friend and properly break the R3600 levels, then my first target will be the high of 2018 at R3790 (also my stop loss if I was short), with next target then becoming that magical R4000 level.
The current Thomson Reuters consensus target price of R4202 correlates nicely with the all time high of R4143.
In short, I do see the value/upside of Naspers over the longer term, but feel it has been overdone over the shorter term. Both within Naspers as a company and the Global Internet Stocks.
$JSENPN Big daily engulfing candle in process....A big bearish engulfing candle forming on NPN. Could result in some weakness creeping in. Target would be gap close around 3390 on engulfing confirmation by the end of today. Wait for daily confirmation.
NASPERS LTDThere's been a pennant forming within a bearish trending channel. I am thus expecting that if there be a breakout off this pennant, we will enter with the sellers at 305869 Price level. I am only looking to sell, if the price breaks off the resistance of the trending chanel, I am not part of the move.
$JSE-NPNJSE:NPN
Made nice rising wedge, with negative divergences.
Hit big resistance. Made nice big engulfing bar.
HKEX:700 results look very bad.
Time to sell?
Long Opportunity On NaspersWith the local ZAR currency weakening due to political and economic uncertainties, there's an opportunity to go long in a global company like NPN.
$JSENPN hurt by Nexon outlookNexon Co. generates +/- half of it's sales from China, where Tencent distributes its popular game Dungeon & Fighter. In a statement released yesterday, they mentioned that they expect revenue from China to drop by double-digit percentage this quarter, contributing the main reason to the months-long freeze on new games.
This drove Naspers down today to a key trend resistance line. Should we break & close below the R2980 levels, we could test the 50-day moving average at R2938 first, with next resistance only coming in at R2739. Should it however bounce off the current trend line, we could see it test and break the 200-day moving average at R3071 again, with possible next stop being the upper band of the channel at R3350.
Consensus forecasts are still very bullish on Naspers, with Thomson Reuters 12 month forecasts still showing 42% upside from current levels (according to mean forecasts from all analysts covering Naspers).
$JSE-NPNJSE:NPN
Testing trend line that started in October 2018. Break of the trend line will only bring weakness into stock.
$JSE-NPNJSE:NPN
Making bullish flag after trend line has been tested.
Break above 3060 will open 3160 as first target and probably 3260 as second target (around down slopping trend line)
