MarcoOlevano

MarcoOlevano

A confirmed close below 9400 points, could see the banking index on the JSE move down to 8900 (+- 6.3% move from current levels). We are witnessing the formation of a head & shoulders top which could trigger further downside in our banking stocks.

MarcoOlevano Updated 

USDZAR bouncing once again off the 200 week moving average once again. This is what you call respect

MarcoOlevano

SGL has pushed right into the previous zone of support which was in place during the entire period of 2017. This could potentially be a scenario of a change in polarity where previous support now becomes resistance. We had a break below this level in January 2018 and the stock traded the entire year below this zone of 13.50 - 14.20. We have now run straight back...

MarcoOlevano

Investec has had a nice little run of late, but it is now consolidating at resistance formed by the 89 & 100 day moving averages. Last time this happened in November, we saw the share come under significant pressure. Price has also stalled at the 61.8 fib retracement of the most recent swing high and low. Volume has been very light on the way up which makes me...

MarcoOlevano

Investec Ltd has retraced back up to it's 89/100 day moving averages which previously provided resistance in November last year. We have seen price consolidate under these moving averages after having retraced 61.8% of the move from its most recent swing highs and lows. RSI indicator is starting to form some divergence and turning lower. Looks to me like we should...

MarcoOlevano

Shoprite seems to have held the R180 horizontal support level even after results which missed market expectations. Possibly a range trade back to R190 with a 2:1 risk reward ratio. Enter 180, s/l 175, target 190

MarcoOlevano

Growthpoint could potentially be forming a bearish flag here. We have run up into the 200 dma as well as the 61.8 fib retracement of the last 6 months swing high and low. Would look for a retracement to at least R24.20 as a first profit target.

MarcoOlevano Updated 

Northam Platinum has lagged the rest of the JSE Platinum sector by quite some way of late. We have seen strong rallies in both $JSEIMP as well as $JSEAMS but unfortunately $JSENHM has not followed. Interesting to note is that we are still trading within a flat top triangle which is normally bullish in nature. We need to see a convincing close above R42.35 - 42.50...

MarcoOlevano

What worries me about this move higher since bottoming at R2362 is that the volume profile has been declining. Normally a bottom will see an increase in volume. this is a weak move formed to stop out the weak hands (shorts) in the market. Also if you plot your shorter term moving averages, 20/50/89/100mas they are all trading below the 200dma which is again...

MarcoOlevano

A quick view of the monthly chart of Anglo American on the JSE suggests that bears are gaining the upper hand as a result of the upper tails formed on every attempt to rally beyond R320-R330 as can be seen on the candlestick chart. Bulls are just battling to gain any sort of momentum to move the stock beyond R330.This type of action is normally typical of a...

MarcoOlevano

Naspers seems to be forming a bearish flag over the last couple of days. Wait for a closure below the R2850 level to confirm the break. Target would be just under R2700 if this plays out

MarcoOlevano Updated 

Clicks has had a horrible last two days. However, looks like we are starting to base off the bottom of this broadening wedge pattern. Also interesting to note is that volume has started to pick up off this base which would indicate interest by the so called "smart money" and capitulation by the weak hands. Looking for Clicks to close the two higher gaps @ R184.61...

MarcoOlevano

After gapping down on the 6th of December, Standard bank has been rather range bound between R166.00 and R177.00. We seem to have encountered horizontal resistance again at the R176.50 - R177.00 level for the 3rd time and the market has started to reverse. Look for a move back down to prior levels of R169.00, R167.50 and R166.00

MarcoOlevano

Vodacom is busy testing the declining trend line today which has been in place since about July of this year. Still looks to resemble a flat bottom triangle, with a closure below R118.00 confirming the pattern. Target from this pattern would then be R95.00. An entry here would be very much pre-emptive but skews the risk / reward highly in your favour. Wait for a...

MarcoOlevano Updated 

The iShares MSCI Emerging markets ETF has been in a bearish channel for the most part of 2018. Finally seeing a break out of both the channel as well as horizontal resistance above $41.63. The end of 2018 can get rather interesting for Emerging markets. Looking for a first target +- $44 which will coincide with the 200dma and prior horizontal resistance. Tough...

MarcoOlevano Updated 

Goldfields has been forming this inverted head & shoulders formation over the last 2 months. We finally saw a break of the neckline level of R42.50 today. Should this formation play out, i expect to see the target of R46.50 being reached in the next couple of sessions..

MarcoOlevano Updated 

USDZAR testing upper end of the wedge as well as the 50 day moving average. Important that price holds below this 14.25-14.26 level in order to prevent a breakout of this wedge which has significantly higher targets.

MarcoOlevano Updated 

Market taking profit ahead of the G20 summit this weekend? Failed at an important confluence, both the downtrend resistance as well as 61.8 fib of the most recent swing high and low on the hourly chart #bearish