Trad3r_16

Trad3r_16

Whilst other gold stocks have begun their pullbacks from recent highs, PAN is the only share to have have completely pared all gains from its highs of around 4.85. It has overshot the important R3 horizontal support and is now looking to retest 2.85 again. Trade with caution as Gold price looks weak too.

Trad3r_16

Gold has spiked to 2070 -2075 three times now and was rejected in all 3 instances forming a clear area of resistance. It has pulled back again to support line TL1, 1920 -1925 and we wait to see if it holds or breaks down further. Target to the downside would be sub 1830's - or TL2 - should current support not hold.

Trad3r_16

In an earlier post, we highlighted that we were waiting for the ZAR to give us some direction - and give us direction it did! The currency blew out to the upside (weaker) and tested its previous lows of 19.30 as expected - should the move higher.. After the recent 50 basis point interest rate hike, we expected to see the ZAR strengthen - unfortunately however, its...

Trad3r_16

Preference shares would have been out of favour recently in an interest rate hike environment, but with the possibility of further rates hikes looking more likely to at least pause in the near future, could this be the time to get involved..? A decent yield with the possibility of capital appreciation could make ABSA pref's an interesting play. Technically, there...

Trad3r_16

ARI had a bit of a fakeout at the top of the range when it briefly breached 307, but has now pulled back nicely to proven area of support, 220 - 222 area. Stop loss is a close below both horizontal and TL lines.

Trad3r_16

I expected REN to test horizontal support around R16 and for a while was looking like it was well on its way to do so, but has turned around quite sharply and decisively the last few trading days. It now looks like it is headed towards 25.50 - 26 where it should encounter its first real area of resistance again.

Trad3r_16

AFE has pulled back to TL support (blue) and looks like good area for a long. Price seems to be coiling in a triangle though (yellow TL) so for those who don't want to hold longer term, one could try trade the range. Stop loss on a close below current TL support - 79 - to allow a small buffer.

Trad3r_16

The ZAR has been fighting for direction at the downward sloping line of resistance (yellow). Either we see a breakout at which point it could possibly test the previous spike of 19.30 (hit in 2020), or we see some strengthening towards the more reasonable and fair value levels of 17 and below.

Trad3r_16

Gold price has been rejected at the upper end of the range (260 - 270) for a third time recently and has pulled back slightly. Larger picture still looks bullish. Zooming out a little it seems we are still in a larger ascending triangle. The levels to look for will be the obvious horizontal resistance above - a break of 2100 should confirm - and then in terms of...

Trad3r_16

MTN broke TL support lines - first one around 127 and the second slightly lower at around 124. Currently looks like it wants to target horizontal support at around 110 - at which point I would be a buyer. Alternatively, I would go go long on a break of 130 to the upside.

Trad3r_16

ARI has been trading in a larger range (220 - 307) for a while now and once again we see it close to the bottom of the range. Current price area offers both horizontal and TL support which makes it a good level to risk a long position.

Trad3r_16

KRO has been trading in a range (400 - 440) since about August last year. It broke out earlier this year (February) but then moved back into the range after failing to follow through. For traders, one could trade this range and for long term players, maybe look for a close above 440 to go long.

Trad3r_16

MKR has broken two areas of strong support. First it broke its uptrend - blue TL and then broke horizontal support at 141.40. Currently trading in a small range in 'no-mans land' looking for direction. Either we could see a move lower to around 93-95 or hopefully it reclaims support at 141.40.

Trad3r_16

AGL closed down sharply on Friday - very close to upward TL support (blue). 570 would be a good are to begin accumulating but stock could overshoot to the downside to around the 550 level in which case I would be buying more. Stop loss would be on a close below the blue dotted TL.

Trad3r_16

SSW held onto blue TL support (36-38 range) and is now looking like it wants break from this consolidation. Would like to see a move higher from here with an initial target of 45. Stop loss is a close below 34.

Trad3r_16

NPH has reclaimed both its horizontal support (150) and blue TL support on the back of a stronger platinum price. We could see it push higher targeting the top of the range at around 197.

Trad3r_16

Vodacom has been trading in a range between 120 - 135. Currently near the bottom of the range which looks like a good area for a long. Stop loss on a close below 116.

Trad3r_16

TGA is currently trading down almost 10% today. Stock is testing the bottom of the range (blue TL) and it looks like a good area for a long position with an upside target of around 210. Stop loss on a close below 165.