RossLarter

RossLarter

JSE:VOD is bouncing off of a strong support level that goes all the way back to mid 2018. It looks like it is gaining momentum for a long position, but I will wait for confirmation before entering.

RossLarter

JSE:SHP has been in a downward trend since mid September. It broke through the resistance level on the 9th of October and it went back down to test the level as support. If it breaks the high of the 13th of October, I will consider a long position up to the previous high of the top of the trend.

RossLarter

LSE:BHP has formed a Head & Shoulders pattern and we could be looking at a possible short. It is struggling to break through the support level at the neckline, so I would wait for a break below this before entering short.

RossLarter

JSE:MEI has been trading in a sideways consolidation channel since mid-March (COVID-19 lockdown) and has reached the top of the channel. A bearish engulfing candle pattern formed yesterday which is a bearish reversal signal. If it breaks through the current small support that it is trading at, I will consider going short all the way towards the bottom of the channel.

RossLarter

JSE:CPI formed a dark cloud cover candle pattern a few days back which is a possible reversal signal. The MACD and the Stochastic both seem to be on their way down as well which could serve as confirmation for a downward move. I will wait for it to break the previous support level and then consider a short position.

RossLarter

JSE:BID has broken through the bottom of a triangle pattern with today's price action so far. If it continues downwards and confirms through the previous lows of around 24500 I will consider a short position. Once broken through, it might find some support around the 21500 level, but could also move all the way down to the 18000 level.

RossLarter

JSE:SLM is looking decent for a potential long position if it breaks through the downward trendline that it has been forming since July. Keep an eye on this to see if it breaks and confirms above to signal a long position.

RossLarter

JSE:SSW is looking promising for a long position if confirmed with price action.

RossLarter

JSE:GLN is looking good for a long position on our momentum strategy, but may find some resistance at around the 4000 level. If it breaks through this level, we could see it move all the way up to 4300.

RossLarter

JSE:ANG is looking good for a long position as the stochastic, MACD and the EMA's are all triggering upward movement.

RossLarter

JSE:MNP has been trading in an upward trend since mid-March. It failed to make a lower low after the latest retracement and formed a hammer doji candle which is a bullish reversal signal. We are potentially looking at a continuation of the upward move.

RossLarter

JSE:AGL has broken through the neckline of an inverted Head & Shoulders pattern and if it plays out, we could be looking at a nice target around the 60 000 level. I will proceed with caution, however, as the neckline is at a very strong level of resistance and may struggle to convincingly break through.

RossLarter

JSE:ABG has broken through the downward trendline that it has been obeying since 5 June -the stochatic is also looking good for a reversal. If confirmed with tomorrow's price action, I might consider entering a long position with the target at around the 10000 level.

RossLarter

JSE:CLS has broken a strong trend line that it has honoured since around October 2018. We could see a downward reversal from this point if confirmed below around the 21600 level.

RossLarter

JSE:NPN is currently forming a small head and shoulders pattern on the 1D chart. If it continues downwards and confirms the break through the necklinr, we could be looking at a target around the 224000 level.

RossLarter

JSE:MNP looks like it could be breaking out of a symmetrical triangle chart pattern very soon. My sentiment is that it will most likely break downwards, as the resistance level at the top of the triangle is very strong and has been intact since mid April. Once it breaks and closes below the level of the triangle I will consider a short.

RossLarter

JSE:CFR , with today's movement so far, has failed to form a lower high and has broken the downward trend it has been trading in since mid Jan or even further back. A higher high has formed and could mean a move to the upside if confirmed.

RossLarter

JSE:OMU broke out of an ascending triangle pattern in a downwards direction. We could be seeing a small downward move towards the previous low of 924.