#Sasol ready for breakup?Sasol boxing and holding onto important support at R225. A convincing close above R263 should see this move to the next target at R318
SOLBE1 trade ideas
Sasol underperfomace to US oil stocks $JSESOL has underperformed AMEX:XLE (US oil stocks ETF) massivley over the last year.
There have been good reasons for this, amoungst others, loadshedding and FX hedging losses.
I'm not bullish on Sasol's management given their poor track record, however this divergance appears overdone and could return to the mean on the recent oil price strength.
SSL short term SSL has been increasing for some time.
Let´s wait for the price to reach the resistance line and then enter the short term position.
The trend and stop loss lines are indicated on the chart.
The entry is 14.44 $ and the target is the upsloping support.
Good luck!
SOL: worth a long?A price action above 24500 supports a bullish trend direction.
Further bullish confirmation for a break above 25500.
The target price is set at 26600, almost the 100% Fibonacci retracement.
The stop-loss is set at 23600.
A concern remains the complex correction pattern that is unfolding.
$JSESOL #SASOL: A Chance Gone A Begging?For a third time now it seems as if #Sasol has had no success in overcoming the neckline of a massive Head and Shoulders pattern, which can then lead to the conclusion that a price of below R70 could be on the cards if this pattern plays out. A possible formation of a bearish flag pattern also brings no further solace.
Our opinion on the current state of SOL.Sasol (SOL) is a massive international chemicals and energy company which has its roots in the oil-from-coal technology developed during the apartheid era in South Africa. About 50% of the company's profits are directly linked to the oil price. It has two main growth areas - its 50% stake in an ethane cracker plant in Louisiana, America, known as "Lake Charles Chemical Project" (LCCP), and its development of gas resources in Mozambique. Sasol was awarded two new licences in Mozambique to explore for gas in an onshore development of approximately three thousand square kilometres. This could significantly add to its existing gas projects in the Rovuma province. One area of concern for Sasol is that it is the biggest producer of greenhouse gases in South Africa and on the JSE. It is listed as one of the 100 fossil-fuel companies world-wide that contribute to more than 70% of Greenhouse gases. The company remains under international pressure to deal with its carbon emissions effectively. In its results for the year to 30th June 2023 the company reported turnover of R289,7bn compared to R272,7bn in the previous year. Headline earnings per share (HEPS) was up 13% and the company's net asset value (NAV) increased by 4%. The company said, "Despite benefitting from the elevated brent crude oil price and a weaker rand/US$ exchange rate, our profitability for the year was constrained. Challenges in our South African mining operations and reduced margins in our American and Eurasian segments, driven by unfavourable market conditions, impacted our financial results". Since the impact of COVID-19, the share was making a dramatic recovery which has been brought to an end by the latest results. Obviously, the share initially benefited from Brent oil prices which rose to a high of around $127 per barrel but then fell back to below $82. Oil prices are now rising again. Sasol remains a volatile commodity share. The company says that it has now sourced 550mw of renewable energy - which takes it closer to its carbon emissions goals. On 12th July 2023 the company announced that its application to be exempt from the sulphur dioxide emissions rules at its Secunda plant had been rejected. This could have a major impact on the company's long-term viability.
SASOL (SOL)SASOL (23/08/2023) - MONTHLY CHART:
Sasol's monthly chart shows a rounding bottom pattern, similar to movements in August 2008 and April 2011. The price appears to consolidate around a support zone, excluding the COVID-related drop.
This might lead to a sideways phase followed by a potential long-term uptrend.
Note: The time taken for the pattern's first half is roughly expected to match the second half's duration.
SOL: attempting the Fibonacci levelsA price action above 24300 supports a bullish trend direction.
The 38.2% Fibonacci level might act as some support.
Increase exposure for a break above 24700 (50% Fibonacci level).
The target price is set at 25200 (its 61.8% Fibonacci level).
The Stop-loss is set at 23800.
Remains a very risky trade.
JSESOL long term bearishness down to R71?JSESOL broke the neckline of a huge H/S pattern and consolidated in the form of a bearish flag since March 2023 as a retest of the broken neckline. Trading below R221 levels could see us plummet all the way to R71 in the long term.
JSESOL long term bearishness down to R71?Sasol broke the neckline of a huge H/S and consolidated in the form of a bearish flag since March 2023 as a retest of the broken neckline. Trading below R221 levels could see us plummet all the way to R71 in the long term.
Sasol Prints Cup & Handle.Sasol Prints a Cup & Handle formation - however the Handle looks to have already played out.
Should the Cup work the R273 area is possible.
Lets trust it does for those Invested.
Regards Graham.
$JSESOL - Sasol: 22136 Holds, Breakout, Buy The DipsThe last update showed the early development of a potential double bottom.
The key level of 22136 has held firm and price has broken above the resistance trendline and price action looks impulsive.
Buy the dips above 23367
SASOL - Observation - #JSESOLSasol had a solid day clocking up a 5.84% gain on the back of news causing energy fears.
Price close above the down sloping 200day moving average and at its highs which is bullish.
Next level of interest is the swing high at R266.20 and then R275.
Ideally bulls will want to keep it above the 200dma to keep the momentum going or risk a fade to close gap at R250.
SasolJSE:SOL has tested this MA several times and failed to remain above it. The stock is back above this level, but there's a bit of an overhead resistance. Taking TVC:UKOIL into consideration, a long position is worth a punt.
Sasol (SOL): Good Risk Reward ProspectsSasol makes a case for a cycle low on 26 April with a yearly low price set at 20 March. The share price is seeking a yearly low price, the previous was 1094 days ago or the COVID low. Yearly lows are great entry points for good gains, in this case we can expect price to challenge the previous highs of over R400. This is one to keep an eye on and will be updated frequently for guidance. Early birds can scale in when price closes above the pink resistance immediately above current price.
JSE SOL Sasol is at previous ResistanceJSE SOL Sasol is at previous Resistance Level and the potential to break though is looking good.
Fibonacci levels show a probable 8-16% upside.
Will watch closely to see if this plays out.
Enjoy.
Regards Graham.
SASOL- 1D - SWING TRADECHART IS SELF EXPLANATORY
Sideways trend within a general downward trend. First trade swing trade. If target reached could possibly do a breakout trade from the box formation. time will tell
SasolJSE:SOL better hold that R225 level. There's potential pain below it. The rally to R265 was promising, unfortunately, it ran out of steam.
Update: SOL Strong move since my last post, with the share advancing from below 240 to a high of 26400c on Wednesday.
See original post attached.
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SasolJSE:SOL seems to have found support near R226 and has fought its way to low R260s. A close above R265 will be interesting.
Let's not discuss oil prices and other stuff that's going around globally.
SASOLA promising break on Sasol which could target 270 in the short term. But 280 remains the area that buyers need to reclaim to change the trend. Coincidentally that 280 is also were the 200dma is.
$JSESOL - Sasol Ltd: Is That A Double Bottom?Sasol has found buyers twice at the 22136 region creating a double bottom.
The pattern has not yet been confirmed.
To confirm the pattern with conviction, bulls have to clear 25960 and preferably with higher than average volume of the last few sessions.
The stock is also faced with overhead resistance from the trendline.
The double bottom outlook will be invalidated by a break below 22136.
