JSE:SHP has broken out of a small descending triangle pattern which is a signal for a short position. I have entered a short position and am aiming for around the 16000 target level.
JSE:LHC is ready for a long position – descending resistance breakout.
A PIERCING LINE has formed on JSE:REM . A piercing line is defined by the following: - After a preceding downtrend, - Green opens below previous days close, and closes above 50% of the real red body. - Bottom reversal signal - Candles must be different colours. Because of this, along with the upward channel that it has been trading in, I entered a long...
JSE:MRP is once again showing a bearish engulfing candle pattern, but this time, it is also coinciding with a triple top resistance level. The last bearish engulfing didn't play out, but because of the strong resistance, this one is more likely to.
JSE:AGL is bouncing off a support level at the moment with the stochastic turning up. This could possibly mean a reversal, so if it continues upward I am entering a long position.
We have a Bearish Engulfing on JSE:MRP which was formed yesterday. This could mean a possible trend reversal from the short term up trend. I have entered a short trade at this morning's opening.
JSE:NED is showing a bearish harami pattern, so is ready for a short position.
JSE:LHC has just broken out of a ascending triangle that it has been forming since mid November last year. Because of this I have entered a long position. An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trendline to be drawn along...
JSE:NPN has shown a dark cloud cover, which often signifies a trend reversal, so I will enter short. However, it has been in a very strong uptrend for a while, so I will trade with caution in case it continues upward.
JSE:SHP is trading at a resistance level and if it breaks through, I would consider a long position based on the breakout of the longer term down trend, but if it bounces off, I will go short for a shorter term trade. But I will wait to see what happens first, before I make a decision.
JSE:INL has encountered resistance and will most likely turn downwards for a short. The stochastic is also turning down through the 80 which is a possible reversal sign.
JSE:MTN is on the verge of breaking through an ascending triangle pattern. If it breaks through convincingly, I will enter a long position with the target around the level of the close of the gap from August last year.
JSE:INP formed a Bearish Harami at quite a strong resistance. This usually indicates a change in direction, so we can expect a downward move.
JSE:BID has been trading in a channel for a while and is at the strong resistance at the top of the channel. I am anticipating a downward move back to the bottom of the channel as it seems to have struggled at the resistance level before. If the downward move doesn't happen and it breaks through the top of the channel, I will consider a long position.
A Morning Star pattern has formed on JSE:GFI which is a bottom reversal signal. This coupled with a bounce of the bottom support strengthens the signal. A Morning Star is found after a preceding down trend where the 2nd candles body must be below the 1st and 3rd candles body. The 3rd candle must close above 50% of the 1st red body. I will enter this trade long...
JSE:AMS has reached a resistance level just above the 83000 level. It reached this high on the 22nd of March bu then retraced all the way down to the 72000 level. Before this, the last time it reached these levels was in April 2010. My thoughts are that it is going to retrace downwards again and I am looking for a move back down to the 72000 level. If it does...
JSE:BVT is trading in a sideways channel and has been since mid-November last year. It has reached the top of the channel and will most likely bounce on the resistance and continue downwards. I will enter a short around the 21600 level if it goes down. Our target level will be the bottom of the channel around the 19000 level, which is also a significant level...
JSE:TFG is reversing following a bearish engulfing chart pattern that formed. We can aim for the support level around the 16000 level.