NPN - correction back to its 45-degree angle?I never like to short NPN. Such a correction might only be temporary.
A price action below 273500 supports a bearish trend direction. Crossing above 266900 will be the first sign of strength returning.
Crossing below 253800 might target 240700.
The recent price action is steep and might support a correction back to its 45-degree angle.
Such a correction might be regarded as healthy.
NPN trade ideas
NPNReferencing my NPN seasonal chart (published at the beginning of last week, see attached), NPN appears to be losing steam in the short term. I also highlighted this chart (with annotations) on Tuesday suggesting 'reduce' if you're a short term trader. Tencent looking weak in HK this morning - possibly on the back of the social unrest seen in China as well as China's market regulator on Sunday saying that it had imposed fines on those firms for failing to comply with anti-monopoly rules on the disclosure of transactions.
Naspers - What Usually Happens After It Rallies +40%?I know Naspers probably has some more upside over the medium to long term but I thought it would be cool to see what usually happens after it rallies 40% or more in a quarter. The sample size isn't large but I had a look nonetheless. The average subsequent 3M return is +2.07%. We are currently up 6% for Q3, so it's running 3x above that. Let's see...
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Head and Shoulders, bottom. The current rise in Naspers, and Prosus, is as a result of the announcement that they are slicing their stake in Tencent to fund Prosus and Naspers share buyback program. This rise seems to be completing what seems to be the formation of head and shoulders pattern. After Naspers share price suffered a hammering due to its exposure to China, the share buyback seems to be a damage control measure.
NaspersNaspers back above down trendline, as well as its 200dma, thanks to yesterday's move.
But notice the massive gap opened. These technical gaps usually 'always' close.
RSI also in overbought territory.
I'm on the fence on this one; but I would wait for a gap close 1st before initiating a 'Long' position.
#NASPERS - BIG day!!Naspers has had a news release today which the market has clearly viewed very favorable.
Currently up 22.5% for the day and above the downtrending 200 day moving average/
Hopefully this is a solid reversal for this stock which has succumbed to the recent Tech wreck .
Minor resistance at R2360 / Major at R2650
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Disclaimer: All ideas are my opinion and should not be taken as financial advice.
If you would like me to have a look at any chart, direct message and i will post my thoughts, Happy Trading!
NASPERS - Observation Just posted this yearly chart to show that 2022 is the first year since 2002 that Naspers has broken the previous year's low.
For the quarterly to shift gear and attempt a reversal (turn green), R1690 will need to be captured by the bulls.
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
NPN - the bus is leaving?I'm looking at weekly and monthly chart, waiting for breakout from downtrend. Taking conservative view so would find more comfort on breakout when price moves above 2750/2800. Plus, Chinese regulatory issues appears to be priced in.
- MACD crossover
- breaking previous support