MarcoOlevano

MarcoOlevano

Tencent in Hong Kong looks to be developing a flat bottom triangle pattern - otherwise known as a descending triangle. My only concern from a technical perspective is that these patterns are normally continuation patterns which develop in the direction of the preceding trend. However, there are instances when descending triangles form as reversal patterns at the...

MarcoOlevano

Anheuser-Busch Inbev looks to be setting up for a long trading opportunity off a good level of support between R1352.00 - R1362.00. Firstly, this level ties in with the uptrend support level which formed from the lows where the stock bottomed back in January of this year. Secondary level of support is provided by the 89/100 day moving averages (orange/red lines)...

MarcoOlevano

The Top40's Price action has been anchored between the main Pivot Point (48 400) and Resistance line 1 (53 000) since early February. (200 week ma = 48193). Besides for the month of January the rest of the year's price action has taken place inside this range. Watch for a second consecutive weekly close below the pivot point level @ 48400. A close below last...

MarcoOlevano

PSG is testing the underside of the medium term trend line which acted as support since 2015. Recently we have seen the price of PSG run up to test this trendline which failed as support during August. What is also interesting to note is that in 2018 the 200 week moving average (green line) acted as support twice which could now act as resistance on this test. Not...

MarcoOlevano Updated 

The 20 week moving average (wma) has been been a tough nut to crack for Aspen since its rapid decline started back in September 2018. The 20 wma currently sits @ 93.89. If aspen can gain some traction above the 20 wma, see a close above R90.00 on the weekly (above the previous floor), one could see the stock gain some further traction with a first target at the...

MarcoOlevano Updated 

Trencor busy breaking out the box and strong horizontal resistance @ R25.00. We could see a move to R28.80

MarcoOlevano Updated 

Short term trade, but the hourly break above the channel resistance @ R179.50 should see a target close to R189.00. Entry between R179.50 - R181.50. Stop loss close below 176.00, let's see how this one goes.

MarcoOlevano

This is a very long term chart of the Platinum price spanning 2 decades. Interesting how the base has now firmed off the horizontal support level of $750-$800. Looks like we should move to $1000 next which is where price will meet the downtrend resistance which has been in place since the tops in 2008. Should $1000 break (which will be big), we can then expect a...

MarcoOlevano

Since bottoming out in early 2018, preference shares on the JSE have been one of the best performing asset classes in our market. Always good trading practice to identify the strongest sectors in the market, and look for buying opportunities towards areas where there is a high probability of the trade working out. Looking at FSRP, I have identified that the 200...

MarcoOlevano

Watch the area between R290 - R295 which has a high probability of becoming another area of resistance for Sasol. Ever since the update came out in May regarding the LCCP project and further budget overruns, the stock has battled to trade above the 20 day moving average. There is a good chance that the 20 day moving average could once again provide resistance and...

MarcoOlevano

If we get a convincing break below the neckline level of $1495, this head & shoulders formation should see gold move towards a target of $1455.

MarcoOlevano

The Rand / Dollar exchange rate has consolidated for a couple of sessions below the previous highs seen last in September 2018. Should the rand bears decide to take further profit, two short term levels to watch out for are 15.00 and 14.60. However, should the rand weaken past the 15.46 closing print from Monday the 19th of August, this should put the rand in a...

MarcoOlevano

This Head & Shoulders breakdown in the Copper price could be an indication of slower economic growth going forward.. not a Healthy sign for global stock markets..

MarcoOlevano

Telkom has had a decent correction from its recent highs close to R100.00. Price has been consolidating this down move in the form of a bear flag, which is usually a continuation pattern in the direction of the previous trend. Should the daily break below this flag pattern @ R88.00 we could see price fall further to R80.00. Also interesting to note is that the...

MarcoOlevano

Lewis delivered a fantastic set of results recently in the face of a tough consumer environment. Looking at the technical setup - the 200 day moving average (green line) is pointing up and providing support on pull backs. After a nice little run from their recent results release, the stock has consolidated some of the gains in the form of a bullish flag formation....

MarcoOlevano

Massmart has been a serious under-performer in the retail sector this year, shedding some 37% off its levels seen at the end of last year. With the SARB likely to cut interest rates at their meeting next week, perhaps this will be a little kicker for consumers which should benefit most of our local retailers. The share may be just a little too oversold for the...

MarcoOlevano Updated 

Similar to the MTN analysis (but on the opposite side), i want to use this as a good example of a bearish technical structure. It is clearly evident on the Discovery chart that every attempt to rally is met with a lower swing high & the counter is also able to post new swing lows on the downturns. I have only showed the 50 and 200 day moving averages for clarity...

MarcoOlevano

The above chart is a perfect display of the concept of 'change in polarity'. This principle asserts that once breached, a support level becomes a resistance level. You'll notice how this level of +- R72.30 was a major support level in 2018 that held on multiple occasions. Eventually we got the break through in Sept 2018 and the bulls caved in completely, seeing...